Barclays Financial Sponsors Weekly Newsletter_Oct 11

1

Week ending October 11, 2013

On October 9, 2013, Antero

Resources (NYSE: AR) priced a $1.6

billion initial public offering. The

offering consisted of 35.73 million

common shares offered at $44.00.

The 15% overallotment option

represents 5.36 million shares (3.41

million shares secondary; remaining

1.95 million shares primary). The

company plans to use the proceeds

to repay outstanding debt under its

credit facility. Antero Resources is a

portfolio company of Warburg Pincus.

Barclays acted as the Lead Left

Joint Bookrunner on the

transaction.

Antero is an independent oil and

natural gas company engaged in the

exploitation, development and

acquisition of natural gas, NGLs and

oil properties located in the

Appalachian Basin in West Virginia,

Ohio and Pennsylvania. Antero

Resources assets include ~329,000

net acres in the southwestern core of

the Marcellus Shale and ~102,000

net acres in the core of the Utica

Shale. The company is currently

running 15 rigs in the Marcellus Shale

and 4 rigs in the Utica Shales.

Contents Barclays Deal of the Week

Leveraged Capital Markets Update ........... 3

Equity Capital Markets Update…………...18

Upcoming Conferences .......................... 23

Contact Information ................................. 24

Distribution Note: If you would like to add colleagues to the email distribution list, please email

Greg Barnes at: [email protected]

U.S. FINANCIAL SPONSORS WEEKLY NEWSLETTER

Transaction Overview October 9, 2013

Lead Left Joint Bookrunner

$1.6 billion

Initial Public Offering

a portfolio company of

2


Selected Sponsor-Related News

___________________________ Source: Bloomberg, Wall Street Journal, New York Times, Reuters, peHUB, Mergermarket and TheDeal.

Industrials

Crestview Partners Completes Acquisition

On September 24, 2013, Spotless Group allocated $1,268

million of senior secured credit facilities consisting of a

A$200 million revolving credit facility, a $845 million term

loan B and a $235 million 2nd lien term loan. The 5-year

term loan B priced at L+400 with a 1% LIBOR floor at 99.5,

while the 5.5-year 2nd lien term loan priced at L+775 with a

1% LIBOR floor at 99.0. Proceeds from the offering will be

used to refinance existing indebtedness, distribute a

dividend and pay related costs. Spotless is a portfolio

company of Pacific Equity Partners.

Barclays acted as Joint Lead Arranger, Joint

Bookrunner and Swap Provider on the transaction.

Business Description:

Spotless is a provider of outsourced facilities management

in Australia and New Zealand. The company provides a

range of integrated outsourced services focused on

facilities management, asset maintenance, cleaning

services, food services and laundry services.

Technology

Oberthur Technologies Completes Offering

On October 10, 2013, KKR announced the signing of a

definitive agreement to acquire The Crosby Group and

Acco Material Handling Solutions from Melrose Industries

for approximately $1.0 billion. The transaction is subject to

customary regulatory approvals and is expected to close in

the fourth quarter of 2013.


With roots dating back to 1885, Crosby is a global provider

of highly engineered solutions for lifting and rigging

applications across the oil and gas, construction, mining

and industrial sectors. Headquartered in Tulsa, Oklahoma,

Crosby’s brands include including Crosby, McKissick,

National and Lebus.

Acco, headquartered in York, Pennsylvania, provides

custom-built specialty material handling equipment,

including a full line of hoists, industrial cranes, monorails,

carts and trailers that are sold under the Louden, Wright

and Nutting brands.

Industrials

KKR to Acquire Crosby and Acco Material Handing

Business Services

Spotless Group Completes Offering

On October 11, 2013, The Sterling Group announced that it

has completed the sale of its portfolio company, Stackpole

International, to funds managed by Crestview Partners.

Stackpole was majority owned by Sterling with minority

investments by Current Capital and management. The sale

returns a substantial portion of called capital and fees to

date. Terms of the transaction were not disclosed.

Barclays acted as Exclusive Financial Advisor to

Stackpole and was the Sole Provider of a deal

contingent FX hedge.


Headquartered in Ancaster, Ontario, Stackpole is a

manufacturer and supplier of highly engineered oil-pumps

and powdered metal components to automotive original

equipment manufacturers. The company supplies, under

long-term contracts, engine and transmission platforms that

support vehicles worldwide.

On October 9, 2013, Oberthur Technologies completed a

€656 million equiv. refinancing of existing credit facilities.

The total amount of financing raised was split into a €466

million equiv. dual-currency covenant-lite term loan and

€190 million of senior notes. Net proceeds from the offering

will be used to repay the company’s existing credit

facilities. The €466 million equiv. term loan was split

between a €260 million 6-year tranche priced at E+500 with

a 1% Euribor floor at 99.0 and a $280 million 6-year

tranche priced at L+475 with a 1% LIBOR floor at 99.0. The

6.5-year €190 million senior notes priced at par to yield

9.25%. Oberthur is a portfolio company of Advent

International.

Barclays acted as Joint Lead Arranger and Joint

Bookrunner on the transaction.


Oberthur Technologies is a provider of chip-based digital

authentication products and related solutions. Oberthur

provides embedded software products to its customers

either as stand-alone or bundled products.

3


___________________________ Sources: Bloomberg and Barclays Indices. 1. On-the-run index. 2. Lipper FMI (AMG Data). Cumulative periods include all weekly and monthly reporters (YE, ME, Assets Reported, YTD ’13). All other periods

include only weekly reporters.

SECONDARY MARKET COMMENTARY

BENCHMARK INDICES

EQUITIES: Stocks continued to rally on Friday, extending Thursday’s gains as investors grew more optimistic over

the progress in Washington, with Democrats and Republicans moving closer to extending the country’s borrowing

authority before the deadline next Thursday. Despite the equity market rally, economic data was negative, with

consumer sentiment falling in October to its weakest level in nine months as the government shutdown affected

the outlook on the economy. The DJIA finished the week 164.53 points (1.09%) higher at 15,237.11, and the S&P

500 finished 12.70 points (0.75%) higher week over week at 1,703.20.

LEVERAGED LOAN: The stalemate in Washington had less of an impact on the leveraged loan secondary

market than it had on other asset classes. As equities sold off in the early part of the week, the leveraged loan

market held in, with the tone improving on Thursday and Friday alongside the broader market. The technical

backdrop continues to be supportive, as Lipper reported an inflow of $556.1mm for the week ended 10/9. The

S&P flow name index finished the week 4bps higher at 98.80.

HIGH YIELD: The high yield secondary market was quieter this week, with investors focusing in on the

developments around the government shutdown and the debt ceiling negotiations. Despite the uncertainty around

a potential resolution in Washington, many of this week’s new issues traded higher upon breaking into the

secondary market. For the week ended 10/9, Lipper reported an inflow of $488.9mm, the fifth consecutive week of

inflows into the asset class. The HY CDX finished the week 21/32 higher at 105.78125.

Year End Month End Friday Friday Return12/31/2012 9/30/2013 10/4/2013 10/11/2013 WTD ∆ MTD ∆ YTD ∆ YTD

Equity

Dow Jones Industrial 13,104.1 15,129.7 15,072.6 15,237.1 164.5 pts 107.4 pts 2,133.0 pts 16.28%

S&P 500 1,426.2 1,681.6 1,690.5 1,703.2 12.7 pts 21.7 pts 277.0 pts 19.42%

Government Benchmark

10-year US Treasury 1.75% 2.61% 2.65% 2.69% 4.2 bps 7.7 bps 93.8 bps --

Leveraged Loan

Barclays High Yield Loan Index 96.68 98.05 98.14 98.32 0.18 pts 0.27 pts 1.64 pts 3.84%

S&P Flownames Index 98.83 98.67 98.76 98.80 0.04 pts 0.13 pts (.03) pts --

High Yield

Barclays High Yield Index 104.62 101.85 102.21 102.42 0.21 pts 0.57 pts (2.20) pts 4.53%

HY CDX (1)

100.38 104.41 105.13 105.78 0.66 pts 1.37 pts 5.41 pts --

($ millions) 2012 September 10/4/2013 10/11/2013 WTD ∆ 4-Wk MA

Assets

Reported YTD '13

Mutual Fund Flows (2)

Bank Loan 11,799.0 5,185.0 767.5 556.1 (211.4) 853.3 132,895.6 54,712.0

High Yield 28,775.0 4,240.0 238.3 488.9 +250.6 1,301.2 288,990.0 (7,889.0)

Leveraged Capital Markets Update

4


• Activity in the leveraged loan primary activity has slowed, as opportunistic issuers were generally on the sidelines this week due to the

deadlock in Washington. Larger event driven transactions garnered interest from investors, as many of these deals were able to

tighten pricing and terms; meanwhile, some smaller, less-liquid transactions were forced wider. Total supply for the week ended 10/10

was $8.59bn, raising the YTD supply to $493.93bn. The forward calendar is now $25.88bn, down from $31.54bn the previous week.

375.3

493.9

236.2

465.7

55.263.2

39.1

68.062.4

74.2

52.4

18.9

48.9

69.0

44.9

16.7 16.6

0

100

200

300

400

500

2010 2011 2012 YTD

2013

10-12 11-12 12-12 1-13 2-13 3-13 4-13 5-13 6-13 7-13 8-13 9-13 10-13

0

16

32

48

64

80

Institutional Pro Rata

___________________________ Shading denotes Barclays’ involvement in the transaction.

LEVERAGED LOAN PRIMARY MARKET ACTIVITY

Primary Market Commentary

Recently Priced Leveraged Loan Transactions

Leveraged Loan New Issue Supply ($ billions)

Pricing Cov- Corp Facility Instit. 4 yr

Date Name UOP Industry Lite Ratings Ratings RC/TLA Tranche Size Tenor Spread OID Floor Yield

11-Oct-13 Alliance Healthcare Refi Healthcare - B1/B+ B1/B+ - TLB $70.0 mm 5.6 years L+ 325 99.00 1.00% 4.50%

11-Oct-13 Seminole Tribe of Florida Refi Gaming - NR/BBB- Baa3/BBB- - TLB-2 $395.0 mm 4.0 years L+ 200 100.00 0.00% 2.00%

11-Oct-13 Syncreaon Holdings M&A Services Y B2/B Ba3/B $100.0 mm TLB $525.0 mm 7.0 years L+ 425 97.00 1.00% 6.00%

11-Oct-13 Huntsman Corp M&A Chemicals Y Ba3/BB+ Ba2/BB+ $200.0 mm TLB $1,200.0 mm 7.0 years L+ 300 99.50 0.75% 3.88%

11-Oct-13 Digital Insight LBO Financial Services Y B3/B B1/B+ $20.0 mm TLB $385.0 mm 6.0 years L+ 375 99.50 1.00% 4.88%

11-Oct-13 Digital Insight LBO Financial Services Y B3/B Caa2/CCC+ - 2nd Lien $215.0 mm 7.0 years L+ 775 99.00 1.00% 9.00%

10-Oct-13 Harvey Gulf International MarineM&A Nat Res - B1/B B1/B - TLA $75.0 mm 4.8 years L+ 400 99.50 1.00% 5.13%

10-Oct-13 Harvey Gulf International MarineM&A Nat Res - B1/B B1/B - TLB $275.0 mm 4.8 years L+ 450 99.00 1.00% 5.75%

9-Oct-13 Oberthur Technologies Refi Tech Y B2/B- B1/B- - TLB $280.0 mm 6.0 years L+ 475 99.00 1.00% 6.00%

9-Oct-13 Oberthur Technologies Refi Tech Y B2/B- B1/B- - EUR TLB $351.0 mm 6.0 years E+500 99.00 1.00% 6.25%

9-Oct-13 CityCenter Holdings Refi Gaming Y B3/B B3/B+ $75.0 mm TLB $1,700.0 mm 7.0 years L+ 400 99.00 1.00% 5.25%

8-Oct-13 Learfield Communications LBO Media Y B3/B B2/B+ $30.0 mm TLB $215.0 mm 7.0 years L+ 400 99.50 1.00% 5.13%

8-Oct-13 Learfield Communications LBO Media Y B3/B Caa2/CCC+ - 2nd Lien $85.0 mm 8.0 years L+ 775 99.00 1.00% 9.00%

8-Oct-13 Britax Refi Consumer Y B1/B B1/B $54.0 mm TLB $280.0 mm 6.0 years L+ 350 99.50 1.00% 4.63%

8-Oct-13 Britax Refi Consumer Y B1/B B1/B - EUR TLB $88.4 mm 6.0 years E+375 99.50 1.00% 4.88%

8-Oct-13 Britax Refi Consumer Y B1/B B1/B - A$TLB $23.5 mm 6.0 years L+ 400 99.50 1.00% 4.88%

8-Oct-13 Hudson's Bay Company M&A Retail Y B1/B+ B3/B- - 2nd Lien $300.0 mm 8.0 years L+ 725 99.00 1.00% 8.50%

7-Oct-13 Shelf Drilling Midco Div/Recap Nat Res Y B1/B+ B2/B- -PIK TOGGLE TLB

$350.0 mm 5.0 years L+ 900 97.00 1.00% 10.75%

7-Oct-13 Catalina Marketing Refi Services Y B2/B B1/B+ - TLB $790.0 mm 7.0 years L+ 425 99.50 1.00% 5.38%

7-Oct-13 Rue 21 LBO Retail - Caa1/B- B3/B- $150.0 mm TLB $538.5 mm 7.0 years L+ 463 81.50 1.00% 10.25%

7-Oct-13 Hudson's Bay Company M&A Retail Y B1/B+ B1/BB $950.0mm (ABL) TLB $2,000.0 mm 7.0 years L+ 375 99.00 1.00% 5.00%

4-Oct-13 TMS International M&A Industrial Y B1/B+ Ba3/B+ $175.0mm (ABL) TLB $425.0 mm 7.0 years L+ 350 99.50 1.00% 4.63%

4-Oct-13 Hyperion Insurance Group Refi Financial Services - B2/B B1/B - TLB $250.0 mm 6.0 years L+ 475 98.50 1.00% 6.13%

4-Oct-13 99 Cents Only Stores Refi* Retail Y B2/B B2/B+ - TLB $613.8 mm 5.4 years L+ 350 100.00 1.00% 4.50%

3-Oct-13 HealthPort Div/Recap Tech - B2/B B1/B+ $25.0 mm TLB $255.0 mm 6.0 years L+ 400 99.00 1.25% 5.50%

3-Oct-13 HealthPort Div/Recap Tech - B2/B Caa1/CCC+ - 2nd Lien $125.0 mm 7.0 years L+ 800 98.50 1.25% 9.63%

2-Oct-13 NES Global Talent Div/Recap Services - NR NR $60.0 mm TLB $185.0 mm 6.0 years L+ 550 98.00 1.00% 7.00%

2-Oct-13 Aptalis Pharma Div/Recap Healthcare Y B2/B+ B2/B+ $150.0 mm TLB $1,250.0 mm 7.0 years L+ 500 99.00 1.00% 6.25%

2-Oct-13 The Topps Company Refi Retail - B2/B B1/B $25.0 mm TLB $135.0 mm 6.0 years L+ 600 99.00 1.25% 7.50%

1-Oct-13 Safe Fleet Acquisition LBO Consumer - NR NR $30.0 mm TLB $122.0 mm 6.0 years L+ 375 99.50 1.00% 4.88%

1-Oct-13 Acosta Sales & Marketing Refi* Services - TBA/B+ TBA/B+ - TLB $1,264.0 mm 4.5 years L+ 325 100.00 1.00% 4.25%

1-Oct-13 Caesars Entertainment Refi Gaming - B3/CCC+ B2/B $269.5 mm TLB $2,500.0 mm 7.0 years L+ 600 98.00 1.00% 7.50%

1-Oct-13 Mitchell International LBO Tech Y B3/B- B1/B $50.0 mm TLB $490.0 mm 7.0 years L+ 350 99.50 1.00% 4.63%

1-Oct-13 Mitchell International LBO Tech Y B3/B- Caa2/CCC - 2nd Lien $245.0 mm 8.0 years L+ 750 99.00 1.00% 8.75%

1-Oct-13 Penton Media Refi Media Y B3/B B1/B+ $50.0 mm TLB $460.0 mm 6.0 years L+ 425 99.00 1.25% 5.75%

1-Oct-13 Penton Media Refi Media Y B3/B Caa2/CCC+ - 2nd Lien $205.0 mm 7.0 years L+ 775 98.50 1.25% 9.38%


5


Recently Priced High Yield Transactions ($ in millions)

___________________________ Shading denotes Barclays’ involvement in the transaction, Transaction proceeds / face amounts are shown In US dollar equivalents.

HIGH YIELD PRIMARY MARKET ACTIVITY

Primary Market Commentary

High Yield New Issue Supply ($ billions)

385.9320.3

340.7

282.2

55.248.7

44.5

34.830.6

35.343.8

29.6

53.6

17.1

30.2

13.9 11.9

0

100

200

300

400

2010 2011 2012 YTD

2013

10-12 11-12 12-12 1-13 2-13 3-13 4-13 5-13 6-13 7-13 8-13 9-13 10-13

0

15

30

45

60

USD Non-USD

• Although activity was up from the previous week, the high yield primary market had a relatively quiet week overall. Despite only

having 12 transactions price, the total volume for the week reached $8.84bn ($10.12 globally), thanks in large part to the $5.6bn issued

by T-mobile mid-week. The forward pipeline remains light as many issuers accessed the market ahead of the government shutdown,

and therefore, the moderate pace is expected to continue into the upcoming holiday-shortened week. YTD supply has reached

$269.80bn ($340.67bn globally).

High Yield Transactions Currently In Market ($ in millions)

Issuer Proceeds Coupon Security Description Structure Ratings Industry UOP Price Yield1/0/1900 (USD $mm) 0.000% 0 / 0 0 0.000% 0.000%

REN Financedes $540.0 4.750% Senior Notes 7 NCL Ba1 / BB+ Power GCP 99.850% 4.776%

Xella Holdco Finance $270.4 9.125% Senior PIK Notes (EUR) 5 NC1.5 B2 / B- Industrial GCP 100.000% 9.125%

Aviv Healthcare $250.0 6.000% Senior Notes 8 NC4 Ba3 / BB Healthcare Bank Refi 100.000% 6.000%

L Brands Inc $500.0 5.625% Senior Notes 10 NCL Ba1 / BB+ Retail Bond Refi 100.000% 5.625%

Wynn Macau Ltd $600.0 5.250% Senior Notes 8 NC3 Ba2 / BB Gaming/Leisure GCP 100.000% 5.250%

NGL Energy Partners LP/NGL Finance Corp $450.0 6.875% Senior Notes 8 NC3 B2 / BB- Nat Res Bank Refi 100.000% 6.875%

Millicom Intl Cellular $800.0 6.625% Senior Notes 8 NC4 Ba2 / NR Telecom Corp M&A 100.000% 6.625%

Hapag-Lloyd AG $207.2 7.750% Senior Notes 5 NC2 Caa1 / B- Transportation Bond Refi 101.750% 7.326%

T-Mobile USA $1,275.0 6.464% Senior Notes 5.5 NC1.5 Ba3 / BB Telecom Other 102.000% 6.033%




T-Mobile USA $588.0 6.836% Senior Notes 9.5 NC4.5 Ba3 / BB Telecom Other 98.000% 7.128%

Oberthur Technologies $258.0 9.250% Senior Notes (EUR) 6.5 NC3 Caa1 / CCC Technology Bank Refi 100.000% 9.250%

Memorial Production $291.0 7.625% Senior Notes 7.5 NC3.5 Caa1 / B- Nat Res Industial 97.000% 8.163%

Michael Baker $350.0 8.250% Senior Sec Notes 5 NC2.5 B2 / B+ Industrials Corp M&A 100.000% 8.250%

Total $10,117.2 Transactions 12

Issuer Amount Security Description Structure Ratings Industry UOP Announced1/0/1900 *In Home Currency 0 / 0.0x 0.0x 1/0

Gaming & Leisure Properties Inc. $683.0 Senior Notes 5 Ba1 / BBB- Real Estate Dividend 10/11



Penn National Gaming Inc $300.0 Senior Notes 10 B1 / B+ Gaming/Leisure Refi 10/11

Crew Energy $250.0 Senior Notes 7 NC3 / 0.0x GCP 10/10

Albain Bidco Norway AS $167.6 Senior Sec FRN (NOK) 7 NC3 / 0.0x 0.0x 10/9

Albain Bidco Norway AS $162.5 Senior Sec Notes (EUR) 7 NC3 / 0.0x 0.0x 10/9

Wajax Corp $125.0 Senior Notes 7 NC4 / Industrial Bank Refi 10/9

Neiman Marcus $960.0 Senior Notes 8 NC3 Caa2 / Retail LBO 10/8

Neiman Marcus $600.0 Senior PIK Toggle Notes 8 NC3 Caa2 / Retail LBO 10/8

Allied Specialty Vehicles $200.0 Senior Notes 7 NC3 / 0.0x Corp M&A 10/7

Syncreon Group $225.0 Senior Notes 8 NC3 Caa1 / CCC+ Transportation Dividend 10/7

Total $5,039.1 Transactions 8


6


37.6

22.6

6.7

15.9

32.2

45.1

29.3 29.2

20.2

10.912.6

3.1 2.4

$0

$10

$20

$30

$40

$50

Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13

($bn)

RECENT LOAN REPAYMENTS AND MUTUAL FUND DATA

Institutional Loan Repayments

Weekly Leveraged Loan Fund Flows

Weekly High Yield Fund Flows

989

1,352 1,396

1,075993

777

1,7091,851

1,338

1,872

1,455

1,802

1,179

728

1,553

1,327

768

762556

$0$200

$400$600$800

$1,000

$1,200$1,400$1,600

$1,800$2,000

6/5 6/26 7/17 8/7 8/28 9/18 10/11

($mm)

Flows 4 Wk. Avg.

Source: Standard and Poor’s LCD, Reported on a one week lagging basis.

2013 YTD Total: $200.9bn

(4,634)

(3,284)

(333)

(3,125)

449

3,278

(2,334)

55

(416)

6321,395

238 489

3,083

486

(388)

(1,027)

12

2,667

($5,000)

($4,000)

($3,000)

($2,000)

($1,000)

$0

$1,000

$2,000

$3,000

$4,000

6/5 6/26 7/17 8/7 8/28 9/18 10/11

($mm)

Flows 4 Wk. Avg.

Source: Lipper FMI (AMG Data), Weekly reporters only, Reading every Wednesday.

Source: Lipper FMI (AMG Data), Weekly reporters only, Reading every Wednesday.


7


LEVERAGED LOAN SECONDARY MARKET OVERVIEW

Leveraged Loan Secondary Market Levels

Leveraged Loan Secondary Market Performance (1)

Leveraged Loan Index Composites

Source: S&P LCD – Secondary Price & Spread levels for 15 Largest Issuers. Average Bid and Nominal Spreads are not a weighted average.

Discounted Spreads are based on the 4 year repayment.

95

96

97

99

100

101

Oct-12 Dec-12 Jan-13 Mar-13 May-13 Jun-13 Aug-13 Oct-13

(Price)

Barclays HY Loan Index S&P Flownames

BB-/Ba3 B+/B1 B/B2 BB-/Ba3 B+/B1 B/B2 BB-/Ba3 B+/B1 B/B2 BB-/Ba3 B+/B1 B/B2

Avg Bid 99.90 98.99 98.63 99.28 96.46 98.33 100.66 99.82 100.45 100.06 99.85 99.38

Secondary Spread to Maturity L+359 L+396 L+444 L+456 L+494 L+569 L+401 L+411 L+505 L+365 L+336 L+452

Yield to Maturity 3.89% 4.26% 4.74% 4.90% 5.29% 6.03% 4.31% 4.41% 5.34% 3.93% 3.64% 4.80%

Yield to 4-year call: 3.89% 4.28% 4.76% 4.95% 5.45% 6.15% 4.27% 4.42% 5.31% 3.92% 3.64% 4.84%

Average Outstanding Loan Size: $0.8B $1.3B $1.1B $0.7B $1.2B $0.9B $1.1B $1.3B $1.3B $1.7B $1.8B $1.7B

Price Range

Min 97.8 93.2 93.0 98.5 85.9 94.5 99.9 94.1 98.0 98.9 98.8 89.4

Max 100.8 101.2 101.5 100.4 99.6 100.8 101.3 100.8 101.3 100.6 100.8 100.7

Nominal Spreads

Average spread L+356 L+369 L+405 L+438 L+403 L+528 L+417 L+407 L+515 L+366 L+332 L+438

Discounted Spreads

Average spread L+359 L+398 L+445 L+460 L+509 L+579 L+398 L+412 L+502 L+365 L+336 L+456

Dec-10 10/11/2013Dec-11 Dec-12

Year End Month End Friday Friday YTD MTD

12/31/2012 9/30/2013 10/4/2013 10/11/2013 ∆ YTD ∆ MTD ∆ Week Return Return

S&P Flownames 98.83 98.67 98.76 98.8 (.0) pts 0.1 pts 0.0 pts -- --

US High-Yield Loans

Price 96.68 98.05 98.14 98.32 1.6 pts 0.3 pts 0.2 pts

Spread 474 bps 443 bps 443 bps 443 bps (31) bps (0) bps (1) bps 3.84% 0.23%

Double-B Loans

Price 100.43 99.79 99.88 99.85 (.6) pts 0.1 pts (.0) pts


Single-B Loans

Price 98.92 99.21 99.37 99.34 0.4 pts 0.1 pts (.0) pts

Spread 508 bps 473 bps 475 bps 475 bps (33) bps 2 bps 1 bps 4.05% 0.30%

Triple-C Loans

Price 78.18 82.59 82.45 84.06 5.9 pts 1.5 pts 1.6 pts

Spread 486 bps 627 bps 628 bps 649 bps 162 bps 21 bps 21 bps 7.23% 0.09%


8


HIGH YIELD SECONDARY MARKET OVERVIEW

High Yield Secondary Market Levels

High Yield Secondary Performance (1)

1. On-the-run HY CDX Index. The Series 20 index rolled to the Series 21 on Friday, September 27.

4.5%

4.9%

5.3%

5.7%

6.1%

6.5%

6.9%

7.3%

7.7%

8.1%

8.5%

Oct-12 Dec-12 Mar-13 May-13 Jul-13 Oct-13

(YTW)

88

90

92

94

96

98

100

102

104

106

108

(Price)

HY Index (LHS) HY CDX (RHS)



HY CDX (1) 100.38 104.41 105.13 105.78 5.4 pts 1.4 pts 0.7 pts -- --

U.S. High Yield

Price 104.62 101.85 102.21 102.42 (2.2) pts 0.6 pts 0.2 pts

Yield 6.13% 6.23% 6.12% 6.06% (0.07%) (0.17%) (0.06%)

Spread 539 bps 496 bps 486 bps 480 bps (60) bps (16) bps (6) bps 4.53% 0.77%Double-B Index

Price 108.05 103.03 103.51 103.74 (4.3) pts 0.7 pts 0.2 pts

Yield 4.69% 5.03% 4.91% 4.86% 0.17% (0.16%) (0.05%)

Spread 382 bps 360 bps 349 bps 343 bps (39) bps (17) bps (6) bps 2.70% 0.85%Single-B Index

Price 106.23 103.53 103.87 104.12 (2.1) pts 0.6 pts 0.3 pts

Yield 5.80% 5.98% 5.86% 5.76% (0.04%) (0.22%) (0.10%)

Spread 512 bps 486 bps 475 bps 464 bps (48) bps (22) bps (11) bps 4.40% 0.82%Triple-C Index

Price 98.49 100.26 100.47 100.63 2.1 pts 0.4 pts 0.2 pts

Yield 9.05% 8.22% 8.13% 8.12% (0.93%) (0.10%) (0.01%)


Very Liquid High Yield

Price 106.71 102.31 102.81 103.04 (3.7) pts 0.7 pts 0.2 pts

Yield 5.77% 6.02% 5.85% 5.81% 0.04% (0.21%) (0.04%)

Spread 505 bps 473 bps 458 bps 453 bps (52) bps (20) bps (5) bps 3.74% 0.91%Euro High Yield (€)

Price 101.46 102.83 103.23 103.64 2.2 pts 0.8 pts 0.4 pts

Yield 6.63% 6.06% 6.01% 5.87% (0.76%) (0.19%) (0.13%)



9


HIGH YIELD SECONDARY MARKET OVERVIEW (Continued)

High Yield Industry Sector Levels



Basic Industry

Yield 6.54% 6.83% 6.74% 6.67% 0.14% (0.16%) (0.07%)

Spread (bps) 567 bps 561 bps 553 bps 546 bps (21) bps (15) bps (7) bps 4.78% 0.77%

Capital Goods

Yield 7.02% 5.66% 5.56% 5.48% (1.54%) (0.18%) (0.08%)


Utility

Yield 6.76% 8.01% 7.93% 7.87% 1.10% (0.14%) (0.06%)

Spread (bps) 587 bps 615 bps 613 bps 609 bps 22 bps (6) bps (4) bps 0.79% 0.90%

Communications

Yield 5.74% 5.90% 5.76% 5.75% 0.00% (0.16%) (0.01%)


Media Cable

Yield 4.64% 5.20% 5.13% 5.13% 0.49% (0.07%) 0.01%

Spread (bps) 378 bps 380 bps 370 bps 370 bps (9) bps (10) bps () bps 2.10% 0.89%

Media Non-Cable

Yield 7.22% 6.20% 6.10% 6.09% (1.13%) (0.11%) (0.01%)

Spread (bps) 655 bps 473 bps 467 bps 470 bps (186) bps (4) bps 3 bps 6.06% 0.70%

Telecommunications

Yield 5.18% 6.06% 5.84% 5.81% 0.63% (0.25%) (0.03%)


Consumer Cyclical

Yield 6.24% 6.21% 6.13% 6.10% (0.15%) (0.12%) (0.03%)


Gaming

Yield 7.62% 8.60% 8.43% 8.60% 0.98% 0.00% 0.18%

Spread (bps) 700 bps 755 bps 736 bps 753 bps 52 bps (2) bps 16 bps 4.08% -0.23%

Lodging

Yield 4.11% 5.36% 5.30% 5.27% 1.17% (0.08%) (0.03%)


Real Estate

Yield 4.48% 5.38% 5.49% 5.24% 0.76% (0.14%) (0.24%)


Retailers

Yield 6.32% 6.26% 6.30% 6.17% (0.15%) (0.09%) (0.13%)


Consumer Non-Cyclical

Yield 5.95% 5.90% 5.74% 5.64% (0.31%) (0.26%) (0.10%)


Health Care

Yield 5.88% 5.76% 5.57% 5.44% (0.44%) (0.32%) (0.14%)


Energy

Yield 5.91% 6.42% 6.25% 6.20% 0.29% (0.22%) (0.05%)


Technology

Yield 7.14% 6.68% 6.59% 6.55% (0.59%) (0.13%) (0.03%)


Finance

Yield 5.49% 5.31% 5.22% 5.16% (0.33%) (0.15%) (0.06%)


Transportation

Yield 7.59% 6.38% 6.34% 6.08% (1.51%) (0.30%) (0.25%)



10


BARCLAYS 2013 LEVERAGED LOAN DEALS

Barclays Recent Leveraged Loan Transactions Pricing Facility Total Institutional Libor

Date Borrower Industry Type Size Pricing OID Floor Sponsor Role

TBD MacDermid Inc Chemicals RCF/TLB $805 L + 300 100.00 1.00% Not Sponsored Left Lead Arranger / Joint Books

TBD Gentiva Health Services Healthcare RCF/TLB/TLC $925 L+ 450 99.50 1.25% Not Sponsored Left Lead Arranger / Joint Books

11-Oct Huntsman International Chemicals RCF/TLB $1,400 L+300 99.50 0.75% Not Sponsored Joint Lead Arranger / Joint Books

9-Oct Oberthur Technologies Tech TLB/Euro TLB $550 L + 475 99.00 1.00% Advent Joint Lead Arranger / Joint Books

9-Oct CityCenter Holdings Gaming RCF/TLB $1,800 L+ 400 99.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

2-Oct Aptalis Pharma Healthcare TLB $1,250 L + 500 99.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

1-Oct Acosta Sales & Marketing Services TLB $1,264 L+ 325 100.00 1.00% Thomas H Lee Partners Joint Lead Arranger / Joint Books

25-Sep ProPetro Services Nat Res RCF/TLB $260 L + 625 99.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

24-Sep Dell Tech ABL/TLB/TLC/Euro TLB $9,100 L + 275 99.50 1.00% Silver Lake, Dell, MDSC Joint Lead Arranger / Joint Books

24-Sep CPG International Industrial ABL/TLB $750 L + 375 99.50 1.00% Ares, Teachers Private Capital Left Lead Arranger / Joint Books

24-Sep Spotless Holdings Services TLB/2L $1,080 L + 400 99.50 1.00% Pacific Equity Partners Joint Lead Arranger / Joint Books

19-Sep Syniverse Tech TLB $912 L + 300 100.00 1.00% Carlyle Left Lead Arranger / Joint Books

18-Sep Jarden Consumer TLB $750 L + 275 99.00 0.00% Not Sponsored Left Lead Arranger / Joint Books

12-Sep Biomet Healthcare TLB $2,982 L + 350 99.75 0.00% Blackstone, GS, KKR, TPG Joint Lead Arranger / Joint Books

12-Sep Capsugel Healthcare TLB $906 L + 250 100.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

11-Sep Go Daddy Tech TLB (add-on) $100 L+ 325 100.00 1.00% KKR, Silver Lake Partners Left Lead Arranger / Joint Books

10-Sep Pinnacle Foods Consumer TLH $525 L+ 250 98.38 0.75% Blackstone Joint Lead Arranger / Joint Books

3-Sep Freescale Semiconductor Tech TLB-5 $800 L+ 375 99.00 1.25% Not Sponsored Joint Lead Arranger / Joint Books

21-Aug Fairmount Minerals Nat Res RC/TLB (Short)/TLB $1,285 L+ 400 99.50 1.00% American Securities Left Lead Arranger / Joint Books

20-Aug Cincinnati Bell Telecom RC/TLB $540 L+ 300 99.25 1.00% Not Sponsored Joint Lead Arranger / Joint Books

19-Aug DS Services Consumer RC/TLB $395 L+ 425 99.00 1.00% Crestview Partners Left Lead Arranger / Joint Books

16-Aug Crown Castle Operating Co Telecom TLB (add-on) $800 L+ 250 99.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

15-Aug Rexnord Industrials TLB $1,950 L + 300 99.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

14-Aug Bronco Midstream Funding LLCNat Res TLB $430 L + 400 99.00 1.00% ArcLight Capital Sole Arranger / Sole Books

14-Aug OCI Beaumont Chemicals TLB $360 L + 500 98.50 1.25% Not Sponsored Joint Lead Arranger / Joint Books

9-Aug CrossMark Services TLB $100 L+ 350 99.50 1.00% Warburg Pincus Joint Lead Arranger / Joint Books

9-Aug BMC Software Tech RCF/TLB/Euro TLB $4,655 L+400 99.00 1.00% Bain, Golden Gate, GIC, Insight Joint Lead Arranger / Joint Books

9-Aug WS Packaging Industrials TLB $276 L+ 400 99.50 1.00% JW Childs Joint Lead Arranger / Joint Books

8-Aug Multi Packaging Solutions Industrial RCF/TLB $330 L+ 325 99.50 1.00% Madison Dearborn Left Lead Arranger / Joint Books

8-Aug US Renal Care Healthcare TLB/2L $495 L+ 425 100.00 1.00% Not Sponsored Left Lead Arranger / Joint Books

5-Aug Pinnacle Entertainment Gaming RC/TLB (Short)/TLB $2,600 L + 275 100.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

2-Aug Nuance Communications Tech TLB $483 L + 275 99.75 - Not Sponsored Joint Lead Arranger / Joint Books

2-Aug Van Wagner CommunicationsMedia TLB $228 L + 500 100.00 1.25% Not Sponsored Sole Arranger / Sole Books

1-Aug Eastman Kodak Tech EXIT TLB/ 2L/RCF $895 L + 625 98.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

1-Aug Larchmont Resources Nat Res TLB $275 L + 725 99.00 1.00% EIG Global Energy Partners Left Lead Arranger / Joint Books

31-Jul American Airlines Industrial TLB (add-on) $850 L + 375 99.50 1.00% Not Sponsored Joint Lead Arranger / Joint Books

31-Jul Great Wolf Resorts Entertainment RC/TLB $320 L + 350 99.50 1.00% Apollo Joint Lead Arranger / Joint Books

29-Jul CDW Tech TLB (add-on) $190 L+ 250 99.25 1.00% Not Sponsored Joint Lead Arranger / Joint Books

25-Jul Springer Science & Business MediaEducation RCF/TLB/Euro TLB $2,489 L+400 96.50 1.00% BC Partners Joint Lead Arranger / Joint Books

23-Jul MultiPlan Healthcare TLB (Add-on) $100 L+ 300 100.00 1.00% BC Partners, Silver Lake Partners Left Lead Arranger / Joint Books

23-Jul Gardner Denver Industrial TLB/Euro TLB $2,825 L+325 99.50 1.00% KKR Joint Lead Arranger / Joint Books

18-Jul Lions Gate Entertainment Financial Services 2L $200 L + 400 100.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

17-Jul Walter Investment ManagementFinancial Services TLB (add-on) $250 L + 450 100.00 1.25% Not Sponsored Joint Lead Arranger / Joint Books

3-Jul Ikaria Healthcare TLB/2L $850 L + 600 98.50 1.25% New Mountain, ARCH, Venrock Joint Lead Arranger / Joint Books

3-Jul Boulder Brands Consumer TLB $245 L + 400 99.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

2-Jul Ocean Rig Nat Res TLB(short)/TLB $1,800 L + 450 99.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

28-Jun Oceania Cruises Entertainment RC/TLB $375 L + 575 99.00 1.00% Apollo Joint Lead Arranger / Joint Books

27-Jun CHG Healthcare Healthcare TLB(add-on)/2L(add-on) $150 L + 375 99.50 1.25% Leonard Green, Ares Joint Lead Arranger / Joint Books

27-Jun Valeant Pharmaceuticals Healthcare RC/TLB $4,050 L + 375 98.50 0.75% Not Sponsored Joint Lead Arranger / Joint Books

27-Jun TransDigm Industrial TLB (add-on) $900 L+ 300 98.00 0.75% Not Sponsored Joint Lead Arranger / Joint Books

21-Jun AMR Corp Industrial RC/TLB $2,050 L+ 375 99.50 1.00% Not Sponsored Joint Lead Arranger / Joint Books

19-Jun State Class Tankers Nat Res TLB $365 L+ 550 99.50 1.25% Blackstone Joint Lead Arranger / Joint Books

14-Jun CTI Foods Consumer RC/TLB/2L $485 L + 350 99.50 1.00% TH Lee, GS Merchant Joint Lead Arranger / Joint Books

10-Jun Sedgwick Services RC/TLB/2L $1,195 L + 325 100.00 1.00% Stone Point, H&F Joint Lead Arranger / Joint Books

7-Jun InterGen Power RC/TLB $800 L+450 97.00 1.00% OTPP, China Huaneng Group Joint Lead Arranger / Joint Books

7-Jun Jazz Pharmaceuticals Healthcare RC/TLB $757 L+ 275 100.00 0.75% Not Sponsored Left Lead Arranger / Joint Books

29-May NRG Energy Power TLB $2,022 L + 200 100.00 0.75% Not Sponsored Joint Lead Arranger / Joint Books

24-May Infor Tech TLB $893 L + 275 100.00 1.00% Golden Gate Joint Lead Arranger / Joint Books

24-May Crestwood Holdings Nat Res TLB $385 L + 600 99.50 1.00% Not Sponsored Joint Lead Arranger / Joint Books

24-May Air Medical Healthcare Unsec TLB $200 7.625% 99.00 - Bain Left Lead Arranger / Joint Books

24-May Waddington Group Industrial RC/TLB/C$TLB/2L $650 L + 325 99.50 1.25% Olympus Left Lead Arranger / Joint Books

23-May Brickman Group Services TLB(short)/TLB $538 L + 300 100.00 - Leonard Green Sole Arranger / Sole Books

23-May Univision Communications Media TLB $1,250 L + 300 100.00 1.00% Not Sponsored Joint Lead Arranger / Joint Books

22-May Pact Group Industrial RC/TLB $985 L + 275 99.50 1.00% Not Sponsored Joint Lead Arranger / Joint Books

21-May JC Penney Retail TLB $2,250 L + 500 99.50 1.00% Not Sponsored Joint Lead Arranger / Joint Books

21-May EquiPower Resources Power TLB (add-on) $1,940 L + 325 100.00 1.00% Energy Capital Left Lead Arranger / Joint Books


11


BARCLAYS RECENT 2013 HIGH YIELD DEALS

Barclays Recent High Yield Transactions

___________________________ Role Key: SB = Sole Bookrunner, QB = Quarterback, AB = Active Bookrunner, JB = Joint Bookrunner, Co = Co-Manager.

Date Issuer Proceeds Coupon Structure Security UOP Industry Role1/0 0 (USD $mm) 0.000% 0 0 0 0

10/8 Oberthur Technologies $258.0 9.250% 6.5 NC3 Senior Notes (EUR) Bank Refi Technology JB

10/7 Memorial Production $291.0 7.625% 7.5 NC3.5 Senior Notes Industial Nat Res JB

9/26 MEG Energy Corp $800.0 7.000% 10.5 NC5 Senior Notes GCP Nat Res QB

9/26 Gannett Co $644.1 6.375% 10 NC5 Senior Notes Corp M&A Media JB

9/26 Gannett Co $592.3 5.125% 6 NC3 Senior Notes Corp M&A Media JB

9/26 Avanti Communications $370.0 10.000% 6 NC5 Senior Sec Notes Refi Telecom JB

9/24 The ADT Corp $1,000.0 6.250% 8 NCL Senior Notes Repurch Stock Consumer Co

9/24 General Motors $1,500.0 6.250% 30 NCL Senior Notes GCP Industrial Co



9/24 CPG International $315.0 8.000% 8 NC3 Senior Notes LBO Industrial JB

9/23 Whiting Petroleum Corp $404.0 5.750% 7.5 NCL Senior Notes (Add-On) GCP Nat Res Co

9/23 Energy XXI Gulf Coast $500.0 7.500% 8 NC3 Senior Notes Bank Refi Nat Res JB

9/23 Dell $1,500.0 5.625% 7 NC3 Senior Sec Notes (1st Lien) LBO Technology JB

9/20 Hilton Worldwide $1,500.0 5.625% 8 NC3 Senior Notes Refi Gaming/Leisure Co

9/19 Walter Energy $447.4 9.500% 6 NC3 Senior Sec Notes Bank Refi Nat Res JB

9/19 Sirius XM Radio $650.0 5.875% 7 NC3 Senior Notes Bond Refi Media JB

9/19 GEO Group $250.0 5.875% 8.3 NC4 Senior Notes Bond Refi Real Estate JB

9/17 Nexstar Broadcasting $275.7 6.875% 7 NC2 Senior Notes (add-on) GCP Media JB

9/13 Tenet Healthcare Corp $2,800.0 8.125% 8.5 NCL Senior Notes Corp M&A Healthcare JB

9/13 Tenet Healthcare Corp $1,800.0 6.000% 7 NCL Senior Sec Notes Corp M&A Healthcare JB

9/12 Commerzbank AG $1,000.0 8.125% 10 NCL Senior Sub Notes GCP Financial JB

9/10 NXP $500.0 3.500% 3 NCL Senior Notes Bond Refi Technology QB

9/9 Whiting Petroleum $1,100.0 5.000% 5.5 NCL Senior Notes Refi Nat Res Co

9/9 Whiting Petroleum $800.0 5.750% 7.5 NCL Senior Notes Refi Nat Res Co

8/16 Foresight Energy $595.7 7.875% 8 NC3 Senior Notes Dividend Nat Res JB

8/14 DS Services $340.7 10.000% 8 NC4 Senior Sec Notes (2nd Lien) LBO Consumer JB

8/14 NuStar Logisitics $300.0 6.750% 7.5 NCL Senior Notes GCP Nat Res Co

8/14 Access Midstream Partners $406.0 5.875% 7.75 NC1.75 Senior Notes GCP Nat Res QB

8/8 Iron Mountain $600.0 6.000% 10 NC5 Senior Notes Bond Refi Consumer Co

8/8 Iron Mountain $193.6 6.125% 8 NC4 Senior Notes (CAD) Bond Refi Consumer JB

8/8 Halcon Resources $400.0 9.250% 8.5 NC4 Senior Notes Bank Refi Nat Res JB

8/8 Multi Packaging Solutions $200.0 8.500% 8 NC3 Senior Notes LBO Industrial JB

8/7 BMC Software $1,625.0 8.125% 8 NC3 Senior Notes LBO Technology JB

8/6 PHH Corporation $350.0 6.375% 8 NC4 Senior Notes Bond Refi Financial JB

8/2 Intralot Finance $427.6 9.750% 5 NC3 Senior Notes (EUR) Bond Refi Gaming/Leisure JB

8/1 Healthcare Technology Intermediate $750.0 7.375% 5 NC1 Senior PIK Toggle Notes Dividend Healthcare JB

7/30 National Amusements $300.0 5.000% 5 NC2 Senior Sec Notes Bond Refi Media QB

7/30 Pinnacle Entertainment $850.0 6.375% 8 NC3 Senior Notes Corp M&A Gaming/Leisure JB

7/30 Dana Holding Corp $450.0 5.375% 8 NC3 Senior Notes Repurch Stock Industrial JB

7/30 Dana Holding Corp $300.0 6.000% 10 NC5 Senior Notes Repurch Stock Industrial JB

7/29 Sirius XM Radio $600.0 5.750% 8 NC3 Senior Notes Bond Refi Media Co

7/29 Party City $297.0 8.750% 6 NC1.5 Senior PIK Toggle Notes Dividend Retail JB

7/29 Tesoro Logisitcs LP $550.0 6.125% 8 NC3 Senior Notes Bank Refi Nat Res Co

7/25 CIT Group Holdings $742.7 5.000% 10 NCL Senior Notes GCP Financial JB

7/25 Parker Drilling $225.0 7.500% 7 NC3 Senior Notes Refi Nat Res Co

7/24 Gannett Co $591.4 5.125% 7 NC3 Senior Notes Refi Media JB

7/24 Michaels Stores $800.0 7.500% 5 NC1 Senior PIK Toggle Notes Dividend Retail JB

7/24 Travelex $230.4 6.509% 5 NC1 Senior Sec FRN (GBP) Bank Refi Financial JB

7/24 Travelex $307.2 8.000% 5 NC2 Senior Sec Notes (GBP) Bank Refi Financial JB

7/22 Gardner Denver $575.0 6.875% 8 NC3 Senior Notes LBO Industrial JB

7/22 Multiplan $750.0 8.375% 5 NC1 Senior PIK Toggle Notes Dividend Healthcare QB

7/18 Chemtura $450.0 5.750% 8 NC4 Senior Notes Bond Refi Chemicals JB

7/17 Nationstar Mortgage LLC $250.0 6.500% 5 NC2 Senior Notes GCP Financial JB

7/16 NOVA Chemicals Corporation $500.0 5.250% 10 NC5 Senior Notes Bond Refi Chemicals QB

7/15 Ally Financial $1,000.0 3.500% 3 NCL Senior Notes Bond Refi Financial QB

7/15 Ally Financial $375.0 L+268 bps 3 NCL Senior FRN Bond Refi Financial QB

7/15 Magnachip Semiconductor $223.9 6.625% 8 NC4 Senior Notes Bond Refi Technology QB

7/11 Best Buy Co $500.0 5.000% 5 NCL Senior Notes GCP Retail AB

7/11 Post Holidngs $370.1 7.375% 8.5 NC3.5 Senior Notes GCP Consumer JB


12


YTD HIGH YIELD DEALS

YTD High Yield Transactions Date Issuer Proceeds Coupon Security Ratings Structure Price Yield Price Talk UOP Industry Underwriters1/0 0 (USD $mm) 0.000% 0 / 0.000% 0.000% 0.000% 0 0 01/3 Country Garden $750.0 7.500% Senior Notes Ba3 / BB- 10 NC5 100.000% 7.500% 7.500% Refi Real Estate gs/jpm (active), boci/icbc (passive)1/3 Crown Americas $800.0 4.500% Senior Notes Ba2 / BB 10 NCL 100.000% 4.500% 4.500% Bank Refi Industrial db/bnpp/baml/citi/wfs (books)1/3 Kaisa Group $500.0 10.250% Senior Notes B1 / B+ 7 NC4 100.000% 10.250% 10.250% Refi Real Estate citi/cs/jpm/ubs (books)1/7 MarkWest Energy Partners $1,000.0 4.500% Senior Notes Ba3 / BB 10.5 NCL 100.000% 4.500% 4.5-4.625% Bond Refi Nat Res barc/baml/citi/gs/jpm/ms/nat/rbc/strh/ubs/usb/wfs (books)1/7 Shimao Property Holdings $800.0 6.625% Senior Notes B1 / B+ 7 NC4 100.000% 6.625% 6.750% Refi Real Estate hsbc/stch/ubs/gs/jpm (books)1/8 Speedway Motorsports $105.0 6.750% Senior Notes (add-on) Ba2 / BB- 6 NC2 105.000% 5.361% 104.5-105 px Bank Refi Gaming/Leisure baml/jpm/strh/wfs (books)1/8 Windstream Corp $700.0 6.375% Senior Notes Ba3 / B 10.5 NC5 100.000% 6.375% 6.500% Bond Refi Telecom wfs/barc/baml/db/gs/mus/strh (books)1/9 Bombardier $1,250.0 6.125% Senior Notes Ba2 / BB 10 NCL 100.000% 6.125% 6-6.25% GCP Industrial jpm (sole)1/9 Bombardier $750.0 4.250% Senior Notes Ba2 / BB 3 NCL 100.000% 4.250% 4.500% GCP Industrial jpm (sole)1/9 Crown Americas $200.0 4.500% Senior Notes (add-on) Ba2 / BB 10 NCL 100.000% 4.500% 0.000% Bank Refi Industrial db (sole)1/9 Estate Sky Limited (CSI Properties) $650.0 6.500% Senior Notes NR / NR 5 NCL 100.000% 6.500% 6.500% GCP Real Estate jpm/baml (books)1/9 Halcon Resources $630.0 8.875% Senior Notes (add-on) B3 / CCC+ 8.33 NC3.8 105.000% 7.875% 105.5 px Bank Refi Nat Res wfs/rbc/jpm/barc/gs (books)1/9 HD SUPPLY $950.0 10.500% Senior Sub Notes Caa2 / CCC+ 8 NC3 100.000% 10.500% 10.750% Bond Refi Industrial baml/gs/barc/jpm/cs/db/wfs/ubs (books)1/9 Hopson Development $300.0 9.875% Senior Notes Caa1 / CCC+ 5 NC3 100.000% 9.875% 10.000% Refi Real Estate ubs/icbc (books)

1/10 Atalian $331.3 7.250% Senior Notes (EUR) B3 / B 7 NC4 100.000% 7.250% 7.25-7.5% Refi Industrial cs (active), ca/sg (passive)1/10 Fresenius Finance $662.7 2.875% Senior Notes (EUR) Ba1 / BB+ 7.5 NCL 100.000% 2.875% 3-3.25% Refi Healthcare db (active), jpm/sg/cs/uni (passive)1/10 Kodiak Oil & Gas $350.0 5.500% Senior Notes B3 / B- 8 NC4 100.000% 5.500% 5.5-5.75% Bank Refi Nat Res wfs/bmo/key/rbc/scotia/cs (books)1/10 Rockies Express Pipeline $525.0 6.000% Senior Notes Ba2 / BB 6 NCL 100.000% 6.000% 6-6.25% Bond Refi Nat Res baml/barc/cs (books)1/11 NeuStar $300.0 4.500% Senior Notes Ba3 / BB- 10 NC5 100.000% 4.500% 4.500% Bank Refi Telecom jpm/ms/rbc (books)1/11 US Foods $388.1 8.500% Senior Notes (add-on) Caa2 / CCC+ 6.5 NC1.5 103.500% 7.558% 103.25-103.5 px Bond Refi Retail db/ms/kkr (books)1/14 Aviation Capital $300.0 4.625% Senior Notes NR / BB+ 5 NCL 100.000% 4.625% 4.750% GCP Industrial ca-cib/db/jpm/rbc/wfs (books)1/14 Lear Corp $500.0 4.750% Senior Notes Ba2 / BB 10 NC5 100.000% 4.750% 4.75-5.0% Bond Refi Industrial citi/barc/jpm/rbc/ubs (books)1/14 Regal Entertainment $250.0 5.750% Senior Notes B3 / B- 12 NC5 100.000% 5.750% 5.750% GCP Gaming/Leisure cs/baml/barc/db/wfs (books)1/15 Cerved Technologies $332.2 E+537.5 bps Senior Secured FRN (EUR) B2 / B 6 NC1 100.000%E+537.5 bps E+550 bps LBO Financial cs/db/hsbc/bnpp/uni/imi/ca (books)1/15 Cerved Technologies $398.6 6.375% Senior Sec Notes (EUR) B2 / B 7 NC3 100.000% 6.375% 6.500% LBO Financial cs/db/hsbc/bnpp/uni/imi/ca (books)1/15 Cerved Technologies $305.6 8.000% Senior Sub Notes (EUR) B3 / CCC+ 8 NC4 100.000% 8.000% 8.0-8.25% LBO Financial cs/db/hsbc/bnpp/uni/imi/ca (books)1/15 Fantasia Holdings Group $250.0 10.750% Senior Notes B2 / B+ 7 NC4 100.000% 10.750% 0.000% Refi Real Estate baml/citi (books)1/15 Interface Security Systems $230.0 9.250% Senior Sec Notes B3 / B- 5 NC2.5 100.000% 9.250% 9.25-9.50% Refi Technology imp (sole)1/15 Wells Enterprises $235.0 6.750% Senior Sec Notes B2 / B+ 7 NC3 100.000% 6.750% 6.75-7.0% Refi Consumer bmo/wfs (books)1/16 Ardagh Packaging $850.0 7.000% Senior Notes B3 / CCC+ 6.75 NC3.75 100.000% 7.000% 7.000% Corp M&A Industrial citi (sole)1/16 Ardagh Packaging $420.0 4.875% Senior Sec Notes (1st Lien) Ba3 / B+ 9.75 NC4.75 100.000% 4.875% 4.875% Corp M&A Industrial citi (sole)1/16 Ardagh Packaging $332.7 5.000% Senior Sec Notes (1st Lien) (EUR)Ba3 / B+ 9.75 NC4.75 100.000% 5.000% 5.000% Corp M&A Industrial citi (sole)1/16 Atlas Resource $275.0 7.750% Senior Notes Caa1 / B- 8 NC4 100.000% 7.750% 7.50-7.75% Bank Refi Nat Res jpm/citi/wfs/db/baml (books)1/16 Brocade Communications $300.0 4.625% Senior Notes B1 / BB+ 10 NC5 100.000% 4.625% 4.750% Bond Refi Telecom ms/jpm (books)1/16 Dupont Performance Coatings $332.7 5.750% Senior Sec Notes (EUR) B1 / B+ 8 NC3 100.000% 5.750% 5.750% LBO Chemicals cs/db/citi/barc/ubs/ms/jeff/smbc (books)1/16 Dupont Performance Coatings $750.0 7.375% Senior Notes Caa1 / B- 8.25 NC3 100.000% 7.375% 7.375% LBO Chemicals cs/db/citi/barc/ubs/ms/jeff/smbc (books)1/16 Guangzhou R&F Properties (Caifu Holdings) $400.0 8.750% Senior Notes NR / NR 7 NC4 100.000% 8.750% 0.000% Refi Real Estate citi/db/gs/hsbc/ms/ubs (books)1/16 Hexion U.S. Finance (Momentive) $1,108.3 6.625% Senior Sec Notes (1st Lien) (add-on)NR / NR 7.25 NC2.25 100.750% 6.450% 100.5-101.5 px Refi Chemicals jpm/citi/db/gs/ubs/baml/cs/ms (books)1/16 New World Resources $366.0 7.875% Senior Notes (EUR) B3 / B 8 NC4 100.000% 7.875% 7.875% Bond Refi Nat Res citi/ms (active), gs/erste (passive)1/16 Oxford Finance $200.0 7.250% Senior Notes B1 / B 5 NC2 100.000% 7.250% 7.25-7.50% Refi Financial jpm (sole)1/16 TPC Group $101.0 8.750% Senior Sec Notes (add-on) B3 / B 8 NC4 101.000% 8.528% 101 px GCP Chemicals baml/jeff/ms (books)1/16 Unitymedia $665.4 5.125% Senior Sec Notes (EUR) NR / BB- 10 NC5 100.000% 5.125% 5-5.25% Bond Refi Telecom db/barc/bnpp/citi/gs/ing/ms/ubs (books)1/16 Voyage Care $355.2 6.500% Senior Sec Notes (GBP) B2 / B+ 5 NC2 100.000% 6.500% 6.750% Bank Refi Healthcare jpm/gs/rbs/commerz/lloyds (books)1/16 Voyage Care $78.8 11.000% Senior Sec Notes (2nd Lien) (GBP)Caa1 / CCC+ 6 NC3 98.500% 11.350% 11.000% Bank Refi Healthcare gs/jpm (books)1/17 Clearwater Paper $275.0 4.500% Senior Notes Ba2 / BB 10 NC5 100.000% 4.500% 4.500% Bond Refi Industrial gs/baml (books)1/17 Georgia Gulf $450.0 4.875% Senior Notes Ba3 / BB 10 NC5 100.000% 4.875% 5-5.125% Bond Refi Chemicals barc/jpm/rbc/wfs (books)1/17 Georgia Gulf (Eagle Spinco) $688.0 4.625% Senior Notes Ba3 / BB 8 NC5 100.000% 4.625% 4.750% Corp M&A Chemicals barc/jpm/rbc/wfs (books)1/17 Loxam $398.7 7.375% Senior Sub Notes (EUR) NR / B 7 NC3 100.000% 7.375% 7.500% Refi Industrial db/bnpp/ca/cs/sg (books)1/17 SunCoke Energy Partners $150.0 7.375% Senior Notes B1 / BB- 7 NC3 100.000% 7.375% 7.500% Bank Refi Nat Res jpm/barc/rbc (books)1/18 Cerba European Labs $488.3 7.000% Senior Sec Notes (EUR) B2 / B+ 7 NC3 100.000% 7.000% 7-7.25% Refi Healthcare gs/jpm (books)1/18 GenCorp $460.0 7.125% Senior Sec Notes (2nd Lien) Ba3 / B- 8 NC3 100.000% 7.125% 7.250% Corp M&A Technology ms/citi/wfs (books)1/18 Gibraltar Industries $210.0 6.250% Senior Sub Notes B2 / BB- 8 NC4 100.000% 6.250% 6.25-6.375% Bond Refi Industrial jpm/key (books)1/18 Powerlong Real Estate $246.5 11.250% Senior Notes Caa1 / B- 5 NC3 98.608% 11.625% 11.625-11.75% GCP Real Estate db/hsbc/rbs/baml (books)1/18 Southern Pacific Resources $261.8 8.750% Senior Sec Notes (2nd Lien) (CAD)NR / B+ 5 NC2 100.000% 8.750% 8.500% Bank Refi Nat Res td/rbc/cs (books)1/18 Zachary Holdings $250.0 7.500% Senior Notes B2 / B+ 7 NC4 100.000% 7.500% 7.5-7.75% Bank Refi Industrial jpm/baml/wfs (books)1/21 Central China Real Estate $200.0 8.000% Senior Notes B1 / B+ 7 NC4 100.000% 8.000% 8.125% Refi Real Estate jpm/ms/ubs/hsbc (books)1/21 China Aoyuan $106.7 13.879% Senior Notes (add-on) B3 / B+ 5 NC3 106.688% 12.000% 0.000% GCP Real Estate citi/ubs/baml (books)1/21 China SCE $162.0 11.500% Senior Notes (add-on) B2 / B 5 NC3 108.000% 9.381% 108 px GCP Real Estate db/hsbc/icbc (books)1/22 Arrow Global $348.9 7.875% Senior Sec Notes (GBP) B2 / BB- 7 NC3 100.000% 7.875% 7.875% Bank Refi Financial gs/jpm (books)1/22 Denbury Resources $1,200.0 4.625% Senior Sub Notes B1 / BB 10.5 NC5 100.000% 4.625% 4.625-4.875% Bond Refi Nat Res baml/jpm/cs/wfs/ca/rbc (books)1/22 Hengdeli $350.0 6.250% Senior Notes Ba1 / NR 5 NC3 100.000% 6.250% 6.250% Refi Retail db/stch/jpm/hsbc (books)1/22 Longfor Properties $500.0 6.750% Senior Notes Ba3 / BB 10 NC5 100.000% 6.750% 7.000% Refi Real Estate citi/hsbc/ms/stch (books)1/22 Tenet Healthcare $850.0 4.500% Senior Sec Notes B1 / B+ 8.25 NCL 100.000% 4.500% 4.5-4.75% Bond Refi Healthcare baml/barc/citi/wfs (books)1/23 Fosun Intl $400.0 6.875% Senior Notes B1 / BB+ 7 NC4 100.000% 6.875% 6.875% Refi Financial hsbc/stch/ubs (books)1/23 Jaguar Land Rover $500.0 5.625% Senior Notes Ba3 / BB- 10 NC5 100.000% 5.625% 5.625-5.875% GCP Industrial baml/db/ms (active), hsbc/lloyds (passive)1/23 Odigeo $432.4 7.500% Senior Sec Notes (EUR) B3 / B 5.5 NC2 100.000% 7.500% 7.5-7.75% Refi Technology cs/gs/lloyds/sg/ubs (books)1/23 Smurfit Kappa $532.1 4.125% Senior Sec Notes (EUR) Ba2 / BB 7 NCL 100.000% 4.125% 4.125% Bank Refi Industrial db/citi/ca/cs/jpm/rbs (books)1/24 Coeur d'Alene Mines Corp $300.0 7.875% Senior Notes B3 / BB- 8 NC4 100.000% 7.875% 8.000% GCP Nat Res barc (sole)1/24 Trinseo Materials $1,325.0 8.750% Senior Sec Notes B1 / B+ 6 NC2.5 100.000% 8.750% 8.75-9% Bank Refi Chemicals db/barc/hsbc/gs/scotia/bmo/miz/smbc (books)1/24 Zobele Holding $240.6 7.875% Senior Sec Notes (EUR) B2 / B 5 NC2 100.000% 7.875% 8.000% Refi Consumer gsi/uni (books)1/25 Abengoa Finance $336.6 8.875% Senior Notes (EUR) NR / NR 5 NCL 100.000% 8.875% 8.875-9% Bank Refi Industrial hsbc/cs/baml/bankia/sant/sg (books)1/25 Apex Tool Group $450.0 7.000% Senior Notes B3 / B- 8 NC3 100.000% 7.000% 7-7.25% LBO Industrial gs/barc/citi/db/ms/rbc (books)1/25 DigitalGlobe $600.0 5.250% Senior Notes B1 / BB 8 NC4 100.000% 5.250% 5.375% Corp M&A Telecom ms/jpm/mus/citi (books)1/25 Ence Energia y Celulosa $336.6 7.250% Senior Sec Notes (EUR) B1 / BB 7 NC3 100.000% 7.250% 7.250% Bank Refi Industrial db/bbva/banesto/bankia/barc/citi (books)1/25 Mingfa Group $100.0 13.250% Senior Notes NR / B- 5 NC3 100.000% 13.250% 13.250% Refi Real Estate cs/citi/icbc/rbs/ms (books)1/25 WEX $350.0 4.750% Senior Notes Ba3 / BB 10 NC5 100.000% 4.750% 4.75-5% Bank Refi Financial wfs/baml/strh/rbs (books)1/28 Atlas Pipeline $650.0 5.875% Senior Notes B2 / B+ 10.5 NC5 100.000% 5.875% 5.875% Refi Nat Res baml/wfs/db/citi/jpm (books)1/28 Greentown China $400.0 8.500% Senior Notes Caa1 / B- 5 NC3 100.000% 8.500% 8.500% Refi Real Estate db/boci/gs/hsbc/icbc/stch/ubs (books)1/28 Weekley Homes $200.0 6.000% Senior Notes B2 / BB- 10 NC4 100.000% 6.000% 6-6.25% Bank Refi Real Estate cs/baml/wfs (books)1/29 Air Lease $400.0 4.750% Senior Notes NR / NR 7 NCL 100.000% 4.750% 4.625-4.75% GCP Industrial baml/db/jpm/bmo/citi/cs/rbc/rbs/wfs (books)1/29 Beazer Homes $200.0 7.250% Senior Notes Caa2 / CCC 10 NC5 100.000% 7.250% 7.250% Bond Refi Real Estate cs (sole)1/29 Chiquita Brands $421.9 7.875% Senior Sec Notes B1 / B 8 NC3 99.274% 8.000% 8.000% Refi Consumer baml/wfs/gs/barc (books)1/29 Cirsa Funding $134.4 8.750% Senior Notes (add-on) (EUR) B3 / B+ 5.25 NC1.5 99.750% 8.805% 99.75-100.25 px Refi Gaming/Leisure db (sole)1/29 HD SUPPLY $1,275.0 7.500% Senior Notes Caa1 / CCC+ 7.5 NC3.75 100.000% 7.500% 7.375% Bond Refi Industrial baml/gs/barc/jpm/cs/db/wfs/ubs (books)1/29 KWG Property $300.0 8.625% Senior Sec Notes B1 / B+ 7 NC4 100.000% 8.625% 9.250% Refi Real Estate citi/gs/hsbc/stch/ubs (books)1/29 Melco Crown Entertainment $1,000.0 5.000% Senior Notes Ba3 / BB- 8 NC3 100.000% 5.000% 5.000% Bond Refi Gaming/Leisure db/anz/baml/citi (books)1/29 Netflix $500.0 5.375% Senior Notes Ba3 / BB- 8 NCL 100.000% 5.375% 5.375% Bond Refi Technology ms/jpm (books)1/29 Orion Engineered Carbons $420.8 9.250% Senior PIK Toggle Notes Caa1 / CCC+ 6.5 NC1 99.000% 9.459% 9.5-9.75% Dividend Chemicals gs (active), barc/jpm/ubs (passive)1/29 Sabin Pass Liquefaction $1,500.0 5.625% Senior Sec Notes Ba3 / BB+ 8 NCL 100.000% 5.625% 5.625% GCP Nat Res ms/cs/rbc/db/sg/stch/hsbc/jpm/mus/ca (books)1/30 Antero Resources $231.8 6.000% Senior Notes (add-on) B2 / B+ 8 NC3 103.000% 5.391% 103-103.5 px Bank Refi Nat Res jpm/wfs/barc/citi/mus (books)1/30 Bite $268.7 E+750 bps Senior Secured FRN (EUR) B3 / B 5 NC2 99.000% E+750 bps 0.000% GCP Telecom db/cs (books)1/30 DR Horton $400.0 4.750% Senior Notes Ba2 / BB- 10 NCL 100.000% 4.750% 4.5-4.75% GCP Real Estate jpm/citi/db/rbs/ubs/wfs (books)1/30 DR Horton $300.0 3.625% Senior Notes Ba2 / BB- 5 NCL 100.000% 3.625% 3.5-3.625% GCP Real Estate jpm/citi/db/rbs/ubs/wfs (books)1/30 First Data $785.0 11.250% Senior Notes Caa1 / B- 8 NC3 100.000% 11.250% 11.250% Bond Refi Technology citi/db/hsbc/wfs/baml/cs (books)1/30 Guangzhou R&F $201.0 8.750% Senior Notes (add-on) NR / NR 7 NC4 100.500% 8.640% 0.000% Refi Real Estate citi/db/gs/hsbc/ms/ubs (books)1/30 H&E Equipment $108.5 7.000% Senior Notes (add-on) B3 / B+ 9.75 NC4.75 108.500% 5.551% 108-108.5 px Bank Refi Industrial db (sole)1/30 Kelda Finance $315.5 5.750% Senior Notes (GBP) NR / BB- 7 NCL 100.000% 5.750% 5.625-5.875% GCP Industrial barc/rbs (active), cba/hsbc/lloyds/sant (passive)1/30 Lennar $171.6 4.750% Senior Notes (add-on) Ba3 / BB- 10 NCL 98.073% 5.000% 5.000% GCP Real Estate citi/baml/bmo/db/jpm/ubs (books)1/30 Lennar $275.0 4.125% Senior Notes Ba3 / BB- 6 NCL 99.998% 4.125% 4.125% GCP Real Estate citi/baml/bmo/db/jpm/ubs (books)1/30 MIE Holdings $200.0 6.875% Senior Notes B+ / B 5 NC3 100.000% 6.875% 6.75-6.875% Bank Refi Nat Res baml/db/hsbc/gs/ms (books)1/30 OTE PLC $945.2 7.875% Senior Notes (EUR) Caa1 / B- 5 NCL 99.493% 8.000% 8.000% GCP Financial bnpp/db/hsbc (books)1/31 Global A&T Electronics $625.0 10.000% Senior Sec Notes B1 / B 6 NC3 100.000% 10.000% 10.000% Bank Refi Technology baml/sc/jpm/ubs (books)1/31 Lowell Group $129.3 10.750% Senior Sec Notes (add-on) B1 / BB 6.25 NC2.25 109.750% 8.429% 0.000% Bank Refi Financial jpm/lloyds (bboks)1/31 Nara Cable (ONO) $349.3 8.500% Senior Sec Notes B1 / B+ 7 NC3 98.690% 8.750% 8.750% Bank Refi Media db/bbva/ing/bankia/bnpp/baml/ca/jpm/sant/sg (books)1/31 NXP $500.0 5.750% Senior Notes B3 / B 8 NC4 100.000% 5.750% 5.750% Bank Refi Technology ms/barc/cs/kkr (books)1/31 Securitas Direct (Verisure) $137.5 E+650 bps Senior Secured FRN (add-on) (EUR)B2 / B 5.5 NC1.5 101.000% E+650 bps 101 px Bank Refi Consumer ms/gs/nomura (books)1/31 Unifrax $205.0 7.500% Senior Notes Caa1 / B- 6 NC2 100.000% 7.500% 7.5-7.75% Bank Refi Industrial gs/wfs/key (books)2/1 Ashton Woods $297.7 6.875% Senior Notes Caa1 / B- 8 NC4 99.239% 7.000% 7-7.25% Refi Real Estate jpm/wfs (books)2/1 Infinis $549.6 7.000% Senior Notes (GBP) Ba3 / B+ 6 NC3 100.000% 7.000% 7.000% Bond Refi Power db/cs (books)2/1 Nord Anglia $147.0 8.500% Senior PIK Toggle Notes Caa2 / CCC+ 5 NC2.5 98.000% 9.000% 9.010% Bank Refi Industrial gs (sole)2/1 Norwegian Cruise Line $298.4 5.000% Senior Notes B3 / BB- 5 NC2 99.451% 5.125% 5.250% Bond Refi Gaming/Leisure db/barc/jpm (books)2/1 Permian Holdings $200.0 10.500% Senior Sec Notes B3 / B- 5 NC2.5 100.000% 10.500% 10.5-10.75% Bank Refi Industrial jeff (sole)2/1 Talos Production $297.1 9.750% Senior Notes Caa1 / CCC+ 5 NC2 99.025% 10.000% 9.25-9.5% LBO Nat Res citi/gs/nomura/td (books)2/4 Caesars Operating $1,462.5 9.000% Senior Sec Notes (add-on) B2 / B 7 NC3 97.500% 9.497% 100-100.5% Bank Refi Gaming/Leisure baml/citi/cs/db/gs/jpm/ms (books)2/4 Nationstar Mortgage $400.0 6.500% Senior Notes B2 / B+ 8.5 NC4 100.000% 6.500% 6.500% GCP Financial baml/cs (active), barc/wfs/rbs (passive)2/4 Vector Group $375.0 7.750% Senior Sec Notes (2nd Lien) Ba3 / B+ 8 NC3 100.000% 7.750% 7.75-8% Bond Refi Consumer jeff (sole)2/5 Crescent Resources $79.1 10.250% Senior Sec Notes (2nd Lien) (add-on)Caa1 / B- 4.5 NC3.5 105.500% 8.411% 0.000% GCP Real Estate cs/jeff (books)2/5 Genesis Energy $350.0 5.750% Senior Notes B1 / B 8 NC4 100.000% 5.750% 5.875% Bank Refi Nat Res wfs/bmo/baml/citi/db/rbc (books)2/5 Revlon $500.0 5.750% Senior Notes B1 / B 8 NC3 100.000% 5.750% 5.750% Bond Refi Consumer citi/baml/cs/jpm/wfs (books)2/5 Speedy Cash $106.3 10.750% Senior Sec Notes B3 / B 5.25 NC2.25 106.250% 9.219% 106-106.25% Corp M&A Financial jeff/ubs (books)2/5 Starz Finance $178.5 5.000% Senior Notes (add-on) Ba2 / BB 6.75 NC2.75 102.000% 4.513% 102 px Refi Media strh/baml/barc (books)2/6 Kion Group $269.3 E+450 bps Senior Secured FRN (EUR) B2 / B 7 NC1 99.500% E+450 bps 99.5-100 px Refi Industrial baml/db/bnpp/cmz/gs/kkr/uni (books)2/6 Kion Group $608.9 6.750% Senior Secured FRN (EUR) B2 / B 7 NC3 100.000% 6.750% 6.750% Refi Industrial baml/db/bnpp/cmz/gs/kkr/uni (books)2/6 Labco $139.4 8.500% Senior Sec Notes (add-on) (EUR) B3 / B+ 5 NC1 103.000% 7.753% 0.000% Refi Healthcare db/barc/natx (books)2/6 Martin Midstream Partners $250.0 7.250% Senior Notes B3 / B 8 NC4 100.000% 7.250% 7.250% Bank Refi Nat Res wfs/baml/rbc/rbs/strh (books)2/6 VimpelCom $1,000.0 5.950% Senior Notes Ba3 / BB 10 NCL 100.000% 5.950% 0.000% Refi Telecom barc/citi/ing/rbs (books)2/6 VimpelCom $600.0 5.200% Senior Notes Ba3 / BB 6 NCL 100.000% 5.200% 0.000% Refi Telecom barc/citi/ing/rbs (books)2/7 Cantor Commercial $247.5 7.750% Senior Notes B1 / B 5 NC2 98.984% 8.000% 7.750% GCP Real Estate db/baml/cantor (books)


13


YTD HIGH YIELD DEALS (Continued)

YTD High Yield Transactions Date Issuer Proceeds Coupon Security Ratings Structure Price Yield Price Talk UOP Industry Underwriters1/0 0 (USD $mm) 0.000% 0 / 0.000% 0.000% 0.000% 0 0 02/7 Hornbach-Baumarkt $332.3 3.875% Senior Notes (EUR) Ba2 / BB+ 7 NCL 99.250% 4.000% 4-4.25% GCP Industrial cmz/hsbc/uni (books)2/7 Tervita Corp $650.0 8.000% Senior Sec Notes B2 / B- 5.75 NC2.75 100.000% 8.000% 8.000% Bank Refi Industrial rbc (active), gs/td/db (passive)2/7 Tervita Corp $200.5 9.000% Senior Sec Notes (CAD) B2 / B- 5.75 NC2.75 100.000% 9.000% 8.75-8.875% Bank Refi Industrial rbc (active), gs/td/db (passive)2/7 Universal Hospital $234.0 7.625% Senior Sec Notes (2nd Lien) B3 / B+ 7.5 NC2.5 106.375% 6.239% 106.25-106.5 px Bond Refi Healthcare barc/baml/rbc (books)2/7 Virgin Media (Lynx I Corp) $1,000.0 5.375% Senior Sec Notes Ba3 / BB- 8 NC4 100.000% 5.375% 5.25-5.5% Corp M&A Media cs/barc/bnpp/baml/db (books)2/7 Virgin Media (Lynx I Corp) $1,727.9 6.000% Senior Sec Notes (GBP) Ba3 / BB- 8 NC4 100.000% 6.000% 6.000% Corp M&A Media cs/barc/bnpp/baml/db (books)2/7 Virgin Media (Lynx II Corp) $530.0 6.375% Senior Notes B2 / B 10 NC5 100.000% 6.375% 6.25-6.5% Corp M&A Media cs/barc/bnpp/baml/db (books)2/7 Virgin Media (Lynx II Corp) $392.7 7.000% Senior Notes (GBP) B2 / B 10 NC5 100.000% 7.000% 7.000% Corp M&A Media cs/barc/bnpp/baml/db (books)2/8 Alliance Grain Traders $124.7 9.000% Senior Sec Notes (2nd Lien) (CAD)NR / B 5 NC3 99.500% 9.127% 9.000% Bank Refi Consumer scotia/cibc/gmp (books)2/8 Millennium Offshore $225.0 9.500% Senior Sec Notes B2 / B 5 NC2 100.000% 9.500% 9.500% Refi Nat Res gs (sole)

2/11 Delphi Corp $800.0 5.000% Senior Notes Ba1 / BB+ 10 NC5 100.000% 5.000% 4.75-5% Bank Refi Industrial jpm/baml/db/barc/citi/gs (books)2/11 FairPoint Communications $300.0 8.750% Senior Sec Notes B2 / B 6.5 NC3 100.000% 8.750% 8.5-8.75% Bank Refi Telecom ms/cs/jeff (books)2/11 NII Holdings (Nextel International) $750.0 11.375% Senior Notes B2 / B- 6.5 NC3.5 100.000% 11.375% 11.25-11.5% GCP Telecom jpm/cs/gs/ms (books)2/11 ONTEX $103.5 7.500% Senior Sec Notes (add-on) (EUR) B1 / B 5 NC1 103.250% 6.741% 0.000% Corp M&A Consumer gs (sole)2/11 Speedy Group $125.0 12.000% Senior Notes NR / NR 4.75 NC2.25 100.000% 12.000% 0.000% Dividend Financial jeff (sole)2/11 Triumph Group $375.0 4.875% Senior Notes Ba3 / BB- 8 NC4 100.000% 4.875% 0.000% Bank Refi Industrial rbc/jpm/ubs (books)2/12 Flextronics International $500.0 5.000% Senior Sec Notes Ba1 / BB+ 10 NCL 100.000% 5.000% 5.000% Bank Refi Technology jpm/baml/citi (active), bnpp/db/hsbc/rbs/scotia (passive)2/12 Flextronics International $500.0 4.625% Senior Sec Notes Ba1 / BB+ 7 NCL 100.000% 4.625% 4.5-4.75% Bank Refi Technology jpm/baml/citi (active), bnpp/db/hsbc/rbs/scotia (passive)2/13 PolyOne $600.0 5.250% Senior Notes Ba3 / BB- 10 NCL 100.000% 5.250% 5.250% Corp M&A Chemicals baml/wfs (books)2/14 American Axle $400.0 6.250% Senior Notes B2 / B 8 NC3 100.000% 6.250% 6.250% Bond Refi Industrial baml/jpm/barc/citi/rbc (books)2/14 Burlington Holdings $294.0 6.750% Senior PIK Toggle Notes Caa2 / CCC 5 NC1 98.000% 9.514% 9-9.25% Dividend Retail gs/jpm/baml/ms/wfs (books)2/14 Italcementi $468.3 6.125% Senior Notes (EUR) Ba2 / BB+ 5 NCL 99.477% 6.250% 6.500% GCP Industrial imi/bnpp/ca/natx/uni (books)2/14 Neovia Logistics $125.0 10.000% Senior PIK Toggle Notes Caa2 / CCC+ 5 NC2 100.000% 10.000% 10.000% Dividend Industrial ubs/mac/db (books)2/15 RSI Home Products $525.0 6.875% Senior Sec Notes (2nd Lien) B1 / B+ 5 NC2 100.000% 6.875% 7.000% Repurch Stock Industrial baml/wfs/barc (books)2/18 ThyssenKrupp $1,664.7 4.000% Senior Notes (EUR) Ba1 / BB 5.5 NCL 99.681% 4.070% MS+290-300 bps GCP Nat Res blb/citi/hsbc/uni (books)2/19 Digicel Group Limited $1,000.0 6.000% Senior Notes B1 / NR 8 NC3 100.000% 6.000% 6.000% Bond Refi Telecom citi/jpm/cs/barc/db/davy (books)2/20 Goodyear $900.0 6.500% Senior Notes B1 / B+ 8 NC3 100.000% 6.500% 6.500% Other Industrial gs/barc/citi/ca-cib/db/jpm/ms (books)2/21 Arqviva Broadcast $915.3 9.500% Senior Notes (GBP) B3 / NR 7 NC3 100.000% 9.500% 9.25-9.5% Bank Refi Media db/jpm/rbs/baml/barc/hsbc/lloyds/ubs (books)2/21 Ashland $600.0 3.000% Senior Notes Ba1 / BB 3 NCL 100.000% 3.000% 3.000% Bank Refi Chemicals citi/baml/db/scotia/pnc (books)2/21 Ashland $350.0 6.875% Senior Notes Ba1 / BB 30 NCL 100.000% 6.875% 6.875-7% Bank Refi Chemicals citi/baml/db/scotia/pnc (books)2/21 Ashland $700.0 3.875% Senior Notes Ba1 / BB 5 NCL 100.000% 3.875% 3.875-4% Bank Refi Chemicals citi/baml/db/scotia/pnc (books)2/21 Ashland $643.9 4.750% Senior Notes Ba1 / BB 9.5 NCL 99.059% 4.875% 4.875-5% Bank Refi Chemicals citi/baml/db/scotia/pnc (books)2/21 Clear Channel Communications $575.0 11.250% Senior Sec Notes Caa1 / CCC+ 8 NC3 100.000% 11.250% 11-11.25% Bank Refi Media citi/db/gs/cs (books)2/22 Aramark $1,000.0 5.750% Senior Notes B3 / B- 7 NC2 100.000% 5.750% 5.875% Bond Refi Industrial gs/jpm/barc/baml/wfs (books)2/22 Station Casinos $500.0 7.500% Senior Notes Caa1 / CCC+ 8 NC3 100.000% 7.500% 7.250% Bond Refi Gaming/Leisure db/baml/jpm/gs (books)2/25 Glorious Property $250.0 13.250% Senior Notes Caa1 / B- 5 NC3 100.000% 13.250% 13.250% Bank Refi Real Estate citic/db/haitong/icbci/jpm/rbs/ubs (books)2/25 TRW Automotive $400.0 4.500% Senior Notes Ba2 / BB 8 NCL 100.000% 4.500% 4.500% GCP Industrial baml/jpm (books)2/27 Associated Asphalt $185.0 8.500% Senior Sec Notes Caa1 / B 5 NC2 100.000% 8.502% 8.5-8.75% Bank Refi Industrial gs/key/strh/jpm (books)2/27 Meritage Homes $175.0 4.500% Senior Notes B1 / B+ 5 NCL 100.000% 4.500% 0.000% Bond Refi Real Estate citi (sole)2/28 Avis Budget Finance $328.4 6.000% Senior Notes (EUR) B2 / B 8 NC3 100.000% 6.000% 6.000% M&A Industrial citi/ca-cib/db/jpm (books)2/28 Cedar Fair $500.0 5.250% Senior Notes B1 / B 8 NC3 100.000% 5.250% 5.25-5.5% Bank Refi Gaming/Leisure jpm/ubs/wfs (books)2/28 Charter Communications (CCO Holdings) $500.0 5.750% Senior Notes B1 / BB- 10.5 NC5 100.000% 5.750% 5.750% Bank Refi Telecom db/baml/citi/barc/cs/jpm/ms/ubs (books)2/28 Charter Communications (CCO Holdings) $500.0 5.250% Senior Notes B1 / BB- 8 NC3 100.000% 5.250% 5.250% Bank Refi Telecom db/baml/citi/barc/cs/jpm/ms/ubs (books)2/28 Equinix $1,000.0 5.375% Senior Notes Ba3 / BB 10 NC5 100.000% 5.375% 5.25-5.625% Bond Refi Telecom jpm/barc/citi/baml/db (books)2/28 Equinix $500.0 4.875% Senior Notes Ba3 / BB 7 NC4 100.000% 4.875% 4.875-5.125% Bond Refi Telecom jpm/barc/citi/baml/db (books)2/28 Huntsman International $246.3 4.875% Senior Notes (add-on) B1 / BB- 7.75 NCL 98.500% 5.112% 98-98.5 px Bond Refi Chemicals jpm/baml/barc/citi/gs/hsbc/rbc/wfs (books)2/28 Isle of Capri Casinos $350.0 5.875% Senior Notes B2 / B+ 8 NC3 100.000% 5.875% 6.000% Bank Refi Gaming/Leisure wfs/cs/db (books)2/28 Peugeot $1,306.9 7.375% Senior Notes (EUR) Ba3 / BB- 5 NCL 99.494% 7.500% 7.500% GCP Industrial bnpp/ca/db/hsbc (books)2/28 RR Donnelley $447.8 7.875% Senior Notes Ba3 / BB 8 NCL 99.500% 7.961% 8.000% Bond Refi Media baml/jpm/mus/wfs (books)3/1 DFS Furniture Holdings $165.4 L+600 bps Senior Secured FRN (GBP) B2 / B 5.5 NC1 100.000% L+600 bps 99.5-100 px Refi Consumer gs/jpm (active), lloyds (passive)3/1 DFS Furniture Holdings $300.8 7.625% Senior Secured FRN (GBP) B2 / B 5.5 NC2 100.000% 7.625% 7.750% Refi Consumer gs/jpm (active), lloyds (passive)3/4 Rallye $390.7 4.250% Senior Notes (EUR) NR / NR 6 NCL 100.000% 4.250% 0.000% GCP Retail bnpp/hsbc/medio/natx/rbs (books)3/4 Range Resources $750.0 5.000% Senior Sub Notes Ba3 / BB 10 NC5 100.000% 5.000% 4.875-5% Bank Refi Nat Res jpm/baml/wfs/barc/cs/db (books)3/4 STATS ChipPAC $255.0 4.500% Senior Notes Ba1 / BB+ 5 NC3 100.000% 4.500% 0.000% Bond Refi Technology cs/db (books)3/5 NXP $500.0 5.750% Senior Notes B3 / B 10 NC5 100.000% 5.750% 5.750% Bank Refi Technology cs/gs/db (books)3/5 ThyssenKrupp $458.9 4.000% Senior Notes (add-on) (EUR) Ba1 / BB 5.5 NCL 100.625% 3.847% 3.85-3.93% GCP Nat Res citi/uni (books)3/6 MasTec $400.0 4.875% Senior Notes Ba3 / BB- 10 NC5 100.000% 4.875% 5.000% Bond Refi Industrial barc/ms/strh (books)3/6 Titan International $345.3 7.875% Senior Sec Notes (add-on) B1 / B+ 4.5 NC0.5 106.250% 5.899% 106.25 px Bank Refi Industrial gs/jeff (books)3/7 Acadia Healthcare $150.0 6.125% Senior Notes B3 / CCC+ 8 NC3 100.000% 6.125% 0.000% GCP Healthcare baml/citi/jeff (books)3/7 Claire's Stores $210.0 6.125% Senior Sec Notes B2 / B- 7 NC4 100.000% 6.125% 6.250% Bond Refi Retail gs/cs/jpm/rbc (books)3/7 Coinstar $350.0 6.000% Senior Notes Ba3 / BB- 6 NC3 100.000% 6.000% 6-6.25% GCP Retail baml/wfs/hsbc (books)3/7 Sealed Air $425.0 5.250% Senior Notes B1 / BB- 10 NCL 100.000% 5.250% 5.375% Bond Refi Consumer baml/citi/bnpp/jpm/rabo (books)3/8 Cornerstone Chemical $230.0 9.375% Senior Sec Notes B3 / B- 5 NC2 100.000% 9.375% 9.500% Refi Chemicals imp/key (books)3/8 MetroPCS Wireless $1,750.0 6.625% Senior Notes B1 / BB 10 NC5 100.000% 6.625% 6.750% Bank Refi Telecom db/cs/jpm/ms (books)3/8 MetroPCS Wireless $1,750.0 6.250% Senior Notes B1 / BB 8 NC4 100.000% 6.250% 6.375% Bank Refi Telecom db/cs/jpm/ms (books)3/8 Stream Global $30.6 11.250% Senior Sec Notes (add-on) B1 / B+ 1.5 NC0 102.000% 7.454% 0.000% Bank Refi Technology ms/wfs/baml/rbc (books)

3/11 CBRE Services $800.0 5.000% Senior Notes NR / NR 10 NC5 100.000% 5.000% 5.125% Bank Refi Real Estate baml/jpm/cs/wfs/hsbc/scotia/barc/rbs (books)3/11 Levi Strauss $151.2 6.875% Senior Notes (add-on) B1 / B+ 9 NC4 108.000% 5.438% 0.000% Bank Refi Ratail baml/jpm (books)3/12 Fiat Finance & Trade $1,629.5 6.625% Senior Notes B1 / BB- 5 NCL 100.000% 6.625% 0.000% GCP Industrial imi/barc/ca/medio/rbs/sant/ubs (books)3/12 GEO Group $300.0 5.125% Senior Notes B1 / B+ 10 NC5 100.000% 5.125% 5.250% Bank Refi Media baml/barc/strh/wfs/jpm (books)3/12 Kaisa Group $550.0 8.875% Senior Notes B1 / B+ 5 NC3 100.000% 8.875% 9.125% GCP Real Estate cs/jpm (active), hsbc/icbc (passive)3/12 Steel Dynamics $400.0 5.250% Senior Notes Ba2 / BB+ 10 NC5 100.000% 5.250% 5.375% Bond Refi Industrial baml/gs/jpm (active), db/ms (passive)3/12 Western Refining $350.0 6.250% Senior Notes B2 / BB- 8 NC4 100.000% 6.250% 6.250% Bond Refi Nat Res db/baml/cs/gs/rbs (books)3/13 Glorious Property $150.0 13.250% Senior Notes (add-on) Caa1 / B- 7 NC3 100.000% 13.250% 0.000% Refi Real Estate db/haitong/icbc/jpm/rbs/ubs (books)3/13 NANA Development $275.0 9.500% Senior Sec Notes B3 / B+ 6 NC3 100.000% 9.500% 9.500% Bank Refi Industrial gs (sole)3/14 Aurora Oil & Gas $300.0 7.500% Senior Notes Caa1 / CCC+ 7 NC3 100.000% 7.500% 7.50-7.75% Corp M&A Nat Res cs/ubs (books)3/14 Belden $388.1 5.500% Senior Sub Notes Ba2 / B+ 10 NC5 100.000% 5.500% 5.5-5.75% GCP Technology db/gs/jpm/wfs (books)3/14 Cegedim $388.1 6.750% Senior Notes NR / B+ 7 NC3 100.000% 6.750% 6.75-7% Refi Healthcare bnpp/baml (books)3/14 Ceridian $475.0 11.000% Senior Notes Caa3 / CCC 8 NC3 100.000% 11.000% 11.000% Bond Refi Technology db/cs/baml (books)3/14 Hertz $250.0 4.250% Senior Notes B2 / B 5 NCL 100.000% 4.250% 4.25-4.375% GCP Industrial baml/barc/db/gs (books)3/14 Hornbeck Offshore $450.0 5.000% Senior Notes Ba3 / BB- 8 NC3 100.000% 5.000% 5.000% Bond Refi Nat Res barc/jpm/wfs/dnb3/14 Mobile Challenger $355.8 8.750% Senior PIK Toggle Notes NR / B- 6 NC1.5 100.000% 8.750% 8.75-9.0%, 1 pt OID Bank Refi Telecom db/gs/bnpp/cs/ms/ubs (books)3/14 Mobile Challenger $284.1 8.750% Senior PIK Toggle Notes NR / B- 6 NC1.5 100.000% 8.750% 8.75-9.0%, 1 pt OID Bank Refi Telecom db/gs/bnpp/cs/ms/ubs (books)3/15 McGraw-Hill Education $789.1 9.750% Senior Sec Notes (1st Lien) B2 / NR 8 NC3 98.637% 10.000% 9.75-10% LBO Media cs/ms/jeff/ubs/nomura/bmo (books)3/15 MDC Partners $550.0 6.750% Senior Notes B3 / B- 7 NC3 100.000% 6.750% 6.75-7% Bond Refi Telecom jpm/gs (books)3/15 Seitel $250.0 9.500% Senior Notes B3 / B 6 NC3 100.000% 9.500% 9.500% Bond Refi Nat Res db/baml (books)3/15 The Sun Products Corp $575.0 7.750% Senior Notes Caa1 / CCC 8 NC3 100.000% 7.750% 7.750% Refi Consumer barc/jpm/baml/gs/ms (books)3/18 CenturyLink $1,000.0 5.625% Senior Notes Ba2 / BB 7 NCL 100.000% 5.625% 5.5-5.75% Bank Refi Telecom jpm/barc (active), citi/strh (passive)3/18 Chesapeake Energy $1,100.0 5.750% Senior Notes Ba3 / BB- 10 NCL 100.000% 5.750% 5.750% Bond Refi Nat Res ms/cs (active), citi/gs/wfs (passive)3/18 Chesapeake Energy $500.0 3.250% Senior Notes Ba3 / BB- 3 NC1 100.000% 3.250% 3.25-3.5% Bond Refi Nat Res ms/cs (active), citi/gs/wfs (passive)3/18 Chesapeake Energy $700.0 5.375% Senior Notes Ba3 / BB- 8 NC3 100.000% 5.375% 5.375-5.5% Bond Refi Nat Res ms/cs (active), citi/gs/wfs (passive)3/18 Sinclair Television $600.0 5.375% Senior Notes B1 / B 8 NC3 100.000% 5.375% 5.250% Bank Refi Media jpm/db/rbc (books)3/19 Avis Budget Car Rental $500.0 5.500% Senior Notes B2 / B 10 NC5 100.000% 5.500% 5.500% Bond Refi Industrial barc/baml/ms/rbs/scotia (books)3/19 Cooper-Standard $174.1 7.375% Senior PIK Toggle Notes Caa1 / B 5 NC1 99.500% 7.497% 7.750% Bond Refi Industrial db/baml/jpm/ubs (books)3/19 Digicel $300.0 6.000% Senior Notes (add-on) B1 / NR 8 NC3 100.000% 6.000% 6.000% GCP Telecom citi/jpm/cs/barc/db (books)3/19 Jefferies Finance $600.0 7.375% Senior Notes B1 / B+ 7 NC3 100.000% 7.375% 7.5-7.75% GCP Financial jeff (sole)3/19 Owens Illinois $427.6 4.875% Senior Notes Ba2 / BB+ 8 NCL 100.000% 4.875% 5.000% Bond Refi Industrial gs/barc/bnpp/baml/cacib/db/hsbc/jpm (books)3/19 Watco Companies $400.0 6.375% Senior Notes B3 / CCC+ 10 NC5 100.000% 6.375% 6.500% Bank Refi Industrial wfs/jpm/barc/bmo/usb (books)3/20 Intelsat $1,000.0 8.125% Senior Notes Caa3 / CCC+ 10 NC5 100.000% 8.125% 8.125% Bond Refi Telecom gs/ms/jpm (books)3/20 Intelsat $500.0 6.750% Senior Notes Caa3 / CCC+ 5 NC2 100.000% 6.750% 6.750% Bond Refi Telecom gs/ms/jpm (books)3/20 Intelsat $2,000.0 7.750% Senior Notes Caa3 / CCC+ 8 NC4 100.000% 7.750% 7.750% Bond Refi Telecom gs/ms/jpm (books)3/20 US Steel $275.0 6.875% Senior Notes B1 / BB 8 NC4 100.000% 6.875% 6.75-6.875% Refi Industrial jpm/barc/gs/ms (books)3/21 Corrections Corp of America $350.0 4.625% Senior Notes Ba1 / BB+ 10 NCL 100.000% 4.625% 4.750% Bond Refi Industrial baml/jpm/strh/wfs/pnc (books)3/21 Corrections Corp of America $325.0 4.125% Senior Notes Ba1 / BB+ 7 NCL 100.000% 4.125% 4.250% Bond Refi Industrial baml/jpm/strh/wfs/pnc (books)3/21 Milacron $465.0 7.750% Senior Notes Caa1 / B- 8 NC3 100.000% 7.750% 8.000% Corp M&A Industrial baml/jpm/barc/cs/rbc (books)3/21 Nationstar Mortgage $206.5 6.500% Senior Notes (add-on) B2 / B+ 8.5 NC4 103.250% 5.828% 103-103.25 px GCP Financial baml/cs (active), barc/wfs (passive)3/21 Rexel $499.9 5.250% Senior Notes Ba3 / BB 7.25 NC3.25 99.981% 5.250% 5.25-5.5% Bond Refi Industrial jpm/bnpp/ca/hsbc/ing/natx/sg/baml/barc/cmcic (books)3/21 Rexel $644.0 5.125% Senior Notes Ba3 / BB 7.25 NC3.25 99.982% 5.125% 5.25-5.5% Bond Refi Industrial bnpp/jpm/ca/hsbc/ing/natx/sg/baml/barc/cmcic (books)3/21 UPC $369.8 6.750% Senior Notes B2 / B- 10 NC5 100.000% 6.750% 6.750% Bond Refi Telecom cs/ms/abn/ca/nom/rbs/sb/ubs (books)3/21 UPC $582.0 6.750% Senior Notes B2 / B- 10 NC5 100.000% 6.750% 6.750% Bond Refi Telecom ms/cs/abn/ca/nom/rbs/sb/ubs (books)3/21 Vantage Drilling $775.0 7.125% Senior Sec Notes (1st Lien) B3 / B- 10 NC5 100.000% 7.125% 7.250% Bond Refi Nat Res citi/baml/cs/db/jeff/rbc (books)3/22 Exterran $344.5 6.000% Senior Notes B2 / B- 8 NC4 98.439% 6.250% 6.25-6.5% Bank Refi Nat Res wfs/ca/jpm/rbc/rbs (books)3/22 Fidelity & Gty Life $300.0 6.375% Senior Notes B1 / B+ 8 NC3 100.000% 6.375% 6.375-6.5% GCP Financial jeff/cs/macq (books)3/22 HJ Heinz (Hawk Acquisition) $3,100.0 4.250% Senior Sec Notes (2nd Lien) B1 / BB- 7.5 NC2 100.000% 4.250% 4.250% LBO Consumer wfs/jpm/barc/citi (books)3/22 Nokia Siemens $580.5 6.750% Senior Notes B2 / B+ 5 NC2 100.000% 6.750% 6.750% Refi Telecom jpm/cs/barc/baml/citi/nordea/rbs/sg (books)3/22 Nokia Siemens $451.5 7.125% Senior Notes B2 / B+ 7 NC3 100.000% 7.125% 7.375% Refi Telecom jpm/cs/barc/baml/citi/nordea/rbs/sg (books)3/22 PetroLogistics $365.0 6.250% Senior Notes B2 / B 7 NC3 100.000% 6.250% 6.500% Bank Refi Nat Res ms/barc/citi/gs/stifel/ubs/wfs3/22 St Barbara $248.7 8.875% Senior Sec Notes (1st Lien) B2 / B 5 NC2 99.493% 9.000% 8.5-8.75% Bank Refi Nat Res db/barc (books)3/22 Takko $144.3 E+700 bps Senior Sec Notes FRN (EUR) B3 / B 6 NC1 99.500% E+700 bps 99.5 px Bank Refi Retail db/gs/uni/nom3/22 Takko $377.9 9.875% Senior Sec Notes FRN (EUR) B3 / B 6 NC3 99.437% 10.000% 9.75-10% Bank Refi Retail db/gs/uni/nom3/22 Walter Energy $450.0 8.500% Senior Notes B3 / NR 8 NC4 100.000% 8.500% 8.625% Bank Refi Nat Res ms/barc/baml/citi/ca-cib (books)3/25 Graphic Packaging $425.0 4.750% Senior Notes NR / BB+ 8 NCL 100.000% 4.750% 4.75-4.875% Bond Refi Industrial baml/jpm/citi/gs/strh (books)3/26 First Data $815.0 10.625% Senior Notes Caa1 / B- 8 NC3 100.000% 10.625% 10.625% Bond Refi Technology citi/db/wfs (active), baml/cs/gs/hsbc (passive)3/26 Greentown China $307.5 8.500% Senior Notes (add-on) B3 / B- 5 NC3 102.500% 7.863% 102.5 px Refi Real Estate db/boci/gs/hsbc/icbc/stch/ubs (books)3/26 IVS Italia $257.1 7.125% Senior Sec Notes NR / BB- 7 NC3 100.000% 7.125% 0.000% Bank Refi Industrial bnpp/imi (bboks)3/26 Rexel $194.8 5.125% Senior Notes (add-on) (EUR) Ba3 / BB 7.25 NC3.25 101.000% 4.955% 100.75 px GCP Industrial bnpp/ca/hsbc/ing/jpm/natx/sg/baml/barc/cmcic (books)


14



YTD High Yield Transactions Date Issuer Proceeds Coupon Security Ratings Structure Price Yield Price Talk UOP Industry Underwriters1/0 0 (USD $mm) 0.000% 0 / 0.000% 0.000% 0.000% 0 0 0

3/27 CITIC Pacific $500.0 6.375% Senior Notes Ba1 / BB+ 7 NCL 100.000% 6.375% 6.375% Refi Industrial hsbc/ubs/citic (books)3/27 Frontier Communications $750.0 7.625% Senior Notes Ba2 / BB- 11 NCL 100.000% 7.625% 7.5-7.75% Bond Refi Telecom jpm/barc/baml/citi/cs/db/ms/rbs (books)3/27 Navistar $354.4 8.250% Senior Notes (add-on) B3 / CCC+ 7.5 NC1.5 101.250% 7.916% 101 px Bank Refi Industrial jpm/cs/gs/baml (books)3/27 Ryman Hospitality $350.0 5.000% Senior Notes B1 / BB 8 NC3 100.000% 5.000% 5.250% Bank Refi Real Estate db/baml/jpm/wfs/usb/ca (books)3/28 American Apparel $199.8 13.000% Senior Sec Notes Caa1 / B- 7 NC3 97.000% 13.675% 13.000% Refi Retail cowen/seaport (books)3/28 Sunac China $500.0 9.375% Senior Notes B1 / B+ 5 NC3 100.000% 9.375% 9.500% Refi Real Estate hsbc/boci/citi/icbc/ms (books)4/2 Continental Resources $1,500.0 4.500% Senior Notes Ba2 / BB+ 10 NCL 100.000% 4.500% 4.5-4.625% Bank Refi Nat Res baml/jpm/rbs/mus/wfs (books)4/2 Dish DBS Corp $1,200.0 4.250% Senior Notes Ba2 / BB- 5 NCL 100.000% 4.250% 4.25-4.375% GCP Media db (sole)4/2 Dish DBS Corp $1,100.0 5.125% Senior Notes Ba2 / BB- 7 NCL 100.000% 5.125% 5.125% GCP Media db (sole)4/3 CNH Capital $600.0 3.625% Senior Notes Ba2 / BB 5 NCL 100.000% 3.625% 3.625-3.75% GCP Financial barc/bnpp/db/jpm (books)4/3 Toll Brothers $300.0 4.375% Senior Notes Ba1 / BB+ 10 NCL 100.000% 4.375% 4.25-4.375% GCP Real Estate citi/db/rbs/strh (books)4/4 ABC Supply $500.0 5.625% Senior Notes B3 / B 8 NC3 100.000% 5.625% 5.750% Corp M&A Industrial db/ubs/baml (books)4/4 Bonanza Creek Energy $300.0 6.750% Senior Notes B3 / B- 8 NC4 100.000% 6.750% 6.750% Bank Refi Nat Res wfs/jpm/key/rbc (books)4/5 Crownrock $400.0 7.125% Senior Sec Notes Caa1 / CCC+ 8 NC3 100.000% 7.125% 7-7.25% Refi Nat Res cs/mus (books)4/9 Hecla Mining $500.0 6.875% Senior Notes B2 / B 8 NC3 100.000% 6.875% 6.875-7.125% Corp M&A Nat Res baml/scotia (books)4/9 Rentech Nitrogen $320.0 6.500% Senior Sec Notes (2nd Lien) B1 / B 8 NC3 100.000% 6.500% 6.50-6.75% Refi Chemicals cs/bmo/ms/rbc (books)

4/10 AAR Corp $161.3 7.250% Senior Notes (add-on) Ba3 / BB 8.75 NC4 107.500% 5.864% 107.5 px Bank Refi Industrial baml/wfs/rbs4/10 Cheniere Partners $1,000.0 5.625% Senior Sec Notes Ba3 / BB+ 10 NCL 100.000% 5.625% 5.625% GCP Nat Res ms/sg/miz/rbs/cs/sc/mufj/ca/hsbc/ing/bancaimi/jpm/lloyds/scb/smbc4/10 Cheniere Partners $512.5 5.625% Senior Sec Notes (add-on) Ba3 / BB+ 8 NCL 102.500% 5.229% 102.5 px GCP Nat Res ms/sg/miz/rbs/cs/sc/mufj/ca/hsbc/ing/bancaimi/jpm/lloyds/scb/smbc4/10 Lennar $49.1 4.750% Senior Notes (add-on) Ba3 / BB- 9.5 NCL 98.250% 4.986% 0.000% GCP Industrial citi (books)4/10 Matterhorn Financing $326.8 9.000% Senior PIK Toggle Notes (EUR) NR / CCC+ 6 NC1.5 100.000% 9.000% 0.000% Dividend Telecom cs/db/ubs/citi/jpm/ms4/10 Penn Virginia $775.0 8.500% Senior Notes Caa1 / B- 7 NC4 100.000% 8.500% 8.500% Corp M&A Nat Res rbc/wfs (books)4/10 Sensata $500.0 4.875% Senior Notes B1 / BB- 10.5 NCL 100.000% 4.875% 5.000% Bank Refi Technology ms/barc4/11 Affinia Group $250.0 7.750% Senior Notes Caa2 / B- 8 NC3 100.000% 7.750% 7.75-8% Refi / Dividend Industrial jpm/baml/barc/db (books)4/11 Bluescope Steel $300.0 7.125% Senior Notes Ba3 / BB 5 NC2.5 100.000% 7.125% 7.250% GCP Industrial cs (sole)4/11 Metalloinvest $1,000.0 5.625% Senior Notes Ba3 / BB- 7 NCL 100.000% 5.625% 5.625-5.75% GCP Nat Res cs/db/vtb/ca/sb/cib (books)4/11 Taylor Morrison $550.0 5.250% Senior Notes B2 / BB- 8 NC3 100.000% 5.250% 0.000% GCP Industrial citi/cs/db/gs/jpm/wfs/hsbc4/11 Unitymedia $457.5 5.625% Senior Sec Notes (EUR) Ba3 / B+ 10 NC5 100.000% 5.625% 0.000% Refi Telecom citi/ca/ing/rbs/sg/ubs4/12 Athlon Holdings $500.0 7.375% Senior Notes Caa1 / CCC+ 8 NC3 100.000% 7.375% 7.5-7.75% Dividend Nat Res baml/wfs/ca/cs/rbc/ubs (books)4/12 Memorial Production $295.6 7.625% Senior Notes Caa1 / B- 8 NC4 98.521% 7.875% 8.000% Bank Refi Nat Res wfs/jpm/barc/baml/citi/rbc (books)4/12 NES Rentals $300.0 7.875% Senior Sec Notes (2nd Lien) Caa2 / CCC+ 5 NC2 100.000% 7.875% 8.000% Bond Refi Industrial db/wfs (books)4/12 New Cotai $380.0 10.625% Senior PIK Toggle Notes NR / NR 6 NC2 100.000% 10.625% 10.750% Dividend Gaming/Leisure cs (sole)4/12 Yingde Gases $298.5 8.125% Senior Notes Ba3 / BB- 5 NC3 99.496% 8.250% mid-to-high 8% GCP Nat Res db (sole)4/15 Pinnacle Foods $350.0 4.875% Senior Notes B3 / B- 8 NC3 100.000% 4.875% 4.75-5% Refi Consumer barc/baml/cs/gs/ms/ubs/macq/blackstone (books)4/18 Constantin Medien $84.9 7.000% Senior Notes (EUR) NR / NR 5 NCL 100.000% 7.000% 0.000% GCP Media cbseydler (sole)4/18 Elior $457.2 6.500% Senior Notes (EUR) B3 / BB- 7 NC3 100.000% 6.500% 6.500% Refi Consumer jpm/ca/hsbc/nom (books)4/18 Rosetta Resources $700.0 5.625% Senior Notes B2 / B+ 8 NC4 100.000% 5.625% 5.750% Corp M&A Nat Res jpm/ms/wfs (books)4/18 SoftBank $2,485.0 4.500% Senior Notes Baa3 / BBB 7 NCL 100.000% 4.500% 4.5-4.75% Corp M&A Telecom db/bamlca/miz/ms/nom (books)4/18 SoftBank $816.4 4.625% Senior Notes (EUR) Baa3 / BBB 7 NCL 100.000% 4.625% 4.5-4.75% Corp M&A Telecom db/ca/miz/nom (books)4/18 TeamSystem $391.8 7.375% Senior Notes (EUR) B2 / B 7 NC3 100.000% 7.375% 7.500% Refi Technology jpm/sg/uni/hsbc/natx/ikb/imi (books)4/19 Charter Communications $1,000.0 5.750% Senior Notes B1 / NR 10.75 NC5 100.000% 5.750% 5.625-5.75% GCP Telecom baml/citi/cs/db/barc/jpm/ubs/ms (books)4/19 RPG Byty $522.1 6.750% Senior Sec Notes (EUR) Ba2 / NR 7 NC3 100.000% 6.750% 6.750% Refi Real Estate gs/jpm (active)4/19 Wind Acquisition Finance $195.8 E+525 bps Senior Sec Notes (EUR) Ba3 / BB- 6 NC1 100.000% E+525 bps 99.5 px Other Telecom bnpp/imi/sg/ubs/uni (books)4/19 Wind Acquisition Finance $550.0 6.500% Senior Sec Notes Ba3 / BB- 7 NC3 100.000% 6.500% 6.5-6.625% Other Telecom bnpp/imi/sg/ubs/uni (books)4/23 Alno $58.8 8.500% Senior Notes (EUR) NR / NR 5 NCL 100.000% 8.500% 0.000% GCP Consumer cbseydler (sole)4/23 Associated Materials $106.0 9.125% Senior Notes (add-on) Caa1 / B- 4.5 NC0.5 106.000% 7..164% 106 px Bank Refi Industrial db/ubs/strh/wfs (books)4/23 Hiland Partners $163.5 7.250% Senior Notes (add-on) B3 / B- 7.5 NC3.5 109.000% 5.310% 108.5-109 px Bank Refi Nat Res baml/wfs/rbs (books)4/23 Realogy Group $500.0 3.375% Senior Notes Caa2 / B- 3 NCL 100.000% 3.375% 3.500% Bond Refi Real Estate jpm/gs/barc/citi/cs/ca (books)4/23 Rex Energy $105.0 8.875% Senior Notes (add-on) B3 / B- 7.75 NC3.5 105.000% 7.754% 105 px GCP Nat Res rbc/key/strh/wfs (books)4/23 Schaeffler Finance $784.0 4.250% Senior Notes (EUR) Ba3 / B+ 5 NC2 100.000% 4.250% 4.25-4.5% Bank Refi Industrial barc/citi/bayernlb/bnpp/cbk/db/hsbc/jpm/lbbw/uni (books)4/23 Schaeffler Finance $850.0 4.750% Senior Notes Ba3 / B+ 8 NC3 100.000% 4.750% 4.75-5% Bank Refi Industrial citi/barc/bayernlb/bnpp/cbk/db/hsbc/jpm/lbbw/uni (books)4/24 Regency Energy Partners $600.0 4.500% Senior Notes B1 / BB 10.5 NCL 100.000% 4.500% 4.5-4.75% Corp M&A Nat Res jpm/baml/barc/citi/cs/rbs/strh/ubs/wfs (books)4/24 Wendel $295.1 6.750% Senior Notes (EUR) (add-on) NR / BB+ 5 NCL 113.292% 3.768% MS+300 GCP Financial bnpp/cm-cic/hsbc/natx/sg (books)4/24 Wendel $143.0 5.875% Senior Notes (EUR) (add-on) NR / BB+ 6.5 NCL 109.779% 4.098% MS+335 GCP Financial bnpp/cm-cic/hsbc/natx/sg (books)4/25 AES Corporation $500.0 4.875% Senior Notes Ba3 / BB- 10 NC5 100.000% 4.875% 4.875% Bond Refi Power ms/barc/citi/cs/db/rbs (books)4/25 CST Brands $550.0 5.000% Senior Notes Ba3 / BB- 10 NC5 100.000% 5.000% 5.250% Dividend Retail cs/jpm/wfs/mit/rbc/rbs (books)4/25 DriveTime Automotive Group $55.5 12.625% Senior Sec Notes (add-on) NR / NR 4 NC1 111.000% 7.671% 111 px Refi Retail jeff/wfs (books)4/25 Erickson Air-Crane $400.0 8.250% Senior Sec Notes (2nd Lien) B1 / B 7 NC3 100.000% 8.250% 8.250% Corp M&A Industrial db/wfs (books)4/25 Pendragon $270.1 6.875% Senior Notes (GBP) B2 / B+ 7 NC3 100.000% 6.875% 6.875-7.0% Bank Refi Retail rbs/barc/lloyds (books)4/25 SSH Holdings Inc (Spencer Spirit) $161.7 9.000% Senior PIK Toggle Notes Caa1 / CCC+ 5 NC1 98.000% 9.510% 98 px Repurch Stock Retail wfs/cs (books)4/26 Resolute Forest Products $594.4 5.875% Senior Notes Ba3 / BB- 10 NC4 99.062% 6.000% 5.5-5.75% Bond Refi Industrial baml/citi/bmo (books)4/26 Yingde Gases $129.2 8.125% Senior Notes Ba3 / BB- 5 NC3 103.375% 7.302% 103.125 px Refi Nat Res db (active), hsbc (passive)4/29 Medi-Partenaires $503.8 7.000% Senior Notes (EUR) B3 / B 7 NC3 100.000% 7.000% 7-7.25% Refi Healthcare cs/ca/natx (books)4/29 Rent-A-Center $250.0 4.750% Senior Notes Ba3 / BB- 8 NC3 100.000% 4.750% 4.75-4.875% GCP Industrial jpm/gs (books)4/30 Constellation Brands $1,050.0 4.250% Senior Notes Ba1 / BB+ 10 NCL 100.000% 4.250% 4.25-4.375% Corp M&A Consumer baml/jpm/rabo/barc/wfs (books)4/30 Constellation Brands $500.0 3.750% Senior Notes Ba1 / BB+ 8 NCL 100.000% 3.750% 3.875-4% Corp M&A Consumer baml/jpm/rabo/barc/wfs (books)4/30 Hellenic Petroleum $655.0 8.000% Senior Notes (EUR) NR / NR 4 NCL 100.000% 8.000% 8.000% GCP Nat Res alpha/cs/eurobank/hsbc/nbg (books)4/30 Portual Telecom $1,309.9 4.625% Senior Notes (EUR) Ba2 / BB 7 NCL 100.000% 4.625% 4.875% GCP Telecom baml/besi/bnpp/caixa/hsbc (books)5/1 Bond Aviation $310.4 L+575 bps Senior Sec Notes (GBP) B2 / B 6 NC1 99.750% L+575 bps 99.5 px Refi Transportation jpm/kkr/rbs (books)5/1 Kleopatra Holdings $296.6 10.250% Senior PIK Toggle Notes (EUR) Caa1 / CCC 4.25 NC1 100.000% 10.250% 0.000% Repurch Stock Industrial jeff/gs (books)5/1 Landry's Inc $255.6 9.375% Senior Notes (add-on) Caa1 / CCC+ 7 NC2 108.750% 7.730% 108.5-108.75 px Bank Refi Gaming/Leisure jeff/citi/db (books)5/1 Towergate $616.2 L+550 bps Senior Sec Notes FRN (GBP) B1 / BB 5 NC1 100.000% L+550 bps L+550 bps Refi Financial cs/gs/lloyds/citi/jpm/ms (books)5/2 BrightHouse Group $342.0 7.875% Senior Sec Notes (GBP) NR / NR 5 NC2 100.000% 7.875% 8.000% Refi Industrial jpm/lloyds (books)5/2 CompuCom Systems $225.0 7.000% Senior Notes Caa1 / CCC+ 8 NC3 100.000% 7.000% 7.000% LBO Technology jpm/citi/bmo/jeff/smbc (books)5/2 Gestamp $350.0 5.625% Senior Sec Notes B1 / BB 7 NC3 100.000% 5.625% 5.750% Refi Industrial db/baml/bankia/barc/bbva/caixa/commerz/itau/jpm/sant/sg (books)5/2 Gestamp $654.4 5.875% Senior Sec Notes (EUR) B1 / BB 7 NC3 100.000% 5.875% 6.000% Refi Industrial db/baml/bankia/barc/bbva/caixa/commerz/itau/jpm/sant/sg (books)5/2 INEOS $678.0 6.125% Senior Notes Caa1 / B- 5.25 NC2 100.000% 6.125% 6.375% Bond Refi Chemicals citi/gs/ubs/baml/barc/jpm/ing/lloyds (books)5/2 INEOS $654.4 6.500% Senior Notes (EUR) Caa1 / B- 5.25 NC2 100.000% 6.500% 6.750% Bond Refi Chemicals gs/citi/ubs/baml/barc/jpm/ing/lloyds (books)5/2 KCA Deutag $480.0 9.625% Senior Sec Notes B3 / B 5 NC4 96.000% 10.681% 9.625% Bank Refi Nat Res jpm/baml/hsbc/lloyds/ms (books)5/2 LKQ Corp $600.0 4.750% Senior Notes Ba3 / BB- 10 NC5 100.000% 4.750% 5.000% Bank Refi Industrial baml/wfs/rbs/mus (books)5/2 R&R Ice Cream $331.1 9.250% Senior PIK Toggle Notes (EUR)Caa1 / CCC+ 5 NC1 100.000% 9.250% 9.25-9.5% LBO Consumer barc/cs (books)5/2 Sanitec $327.2 E+475 bps Senior Secured FRN (EUR) B1 / B+ 5 NC1 100.000% E+475 bps E+475 bps Refi Industrial ubs/db/danske/dnb (books)5/2 Sirius XM Radio $500.0 4.625% Senior Notes B1 / BB 10 NC5 100.000% 4.625% 4.625% GCP Media jpm/baml/ms/barc/citi/db (books)5/2 Sirius XM Radio $500.0 4.250% Senior Notes B1 / BB 7 NC3 100.000% 4.250% 4.250% GCP Media jpm/baml/ms/barc/citi/db (books)5/2 United Continental $300.0 6.375% Senior Notes B2 / B 5 NCL 100.000% 6.375% 6.375% GCP Industrial jpm/ms/barc/baml/db (books)5/2 WEPA Hygieneprodukte $359.9 6.500% Senior Notes (EUR) B2 / BB- 7 NC3 100.000% 6.500% 6.500% GCP Industrial db/hsbc (books)5/3 New Look Bondco $229.4 E+625 bps Senior Sec Notes (EUR) B1 / B- 5 NC1 100.000% E+625 bps E+625 bps Refi Retail gsi/jpm/db/hsbc/lloyds/rbs (books)5/3 New Look Bondco $778.2 8.750% Senior Sec Notes (GBP) B1 / B- 5 NC2 100.000% 8.750% 8.750% Refi Retail gsi/jpm/db/hsbc/lloyds/rbs (books)5/3 New Look Bondco $250.0 8.375% Senior Sec Notes B1 / B- 5 NC2 100.000% 8.375% 8.375% Refi Retail gsi/jpm/db/hsbc/lloyds/rbs (books)5/6 NXP Semiconductor $750.0 3.750% Senior Notes B3 / B 5 NCL 100.000% 3.750% 3.750% Bond Refi Technology ms/barc/cs/kkr (books)5/6 Penn Virginia $400.0 6.500% Senior Notes B2 / B- 8 NC3 100.000% 6.500% 6.500% Bank Refi Nat Res jpm/rbc/wfs/baml/citi/pnc/strh5/6 Sonic Automotive $300.0 5.000% Senior Sub Notes B3 / BB- 10 NC5 100.000% 5.000% 5-5.125% Bond Refi Industrial baml/jpm/wfs (books)5/7 Atlas Pipeline Partners $400.0 4.750% Senior Notes B2 / B+ 8.5 NC3 100.000% 4.750% 4.750% Bank Refi Nat Res citi/wfs/baml/db/jpm/strh (books)5/7 General Motors Financial $750.0 4.250% Senior Notes Ba3 / BB- 10 NCL 100.000% 4.250% 4.250% Corp M&A Industrial db/barc/gs/rbc/rbs (books)5/7 General Motors Financial $1,000.0 2.750% Senior Notes Ba3 / BB- 3 NCL 100.000% 2.750% 2.750% Corp M&A Industrial db/barc/gs/rbc/rbs (books)5/7 General Motors Financial $750.0 3.250% Senior Notes Ba3 / BB- 5 NCL 100.000% 3.250% 3.250% Corp M&A Industrial db/barc/gs/rbc/rbs (books)5/7 iStar Financial $265.0 3.875% Senior Notes B3 / B+ 3 NCL 100.000% 3.875% 3.875% Bond Refi Real Estate baml/barc/jpm (books)5/7 iStar Financial $300.0 4.875% Senior Notes B3 / B+ 5 NC3 100.000% 4.875% 0.000% Bond Refi Real Estate baml/barc/jpm (books)5/7 Safway Group $560.0 7.000% Senior Sec Notes (2nd Lien) B3 / B 5 NC2 100.000% 7.000% 7.250% Refi Industrial gs/wfs/ms/barc/laz (books)5/7 Seven Generations Energy $400.0 8.250% Senior Notes B3 / CCC 7 NC3 100.000% 8.250% 8.500% GCP Nat Res cs/rbc (books)5/8 BOE Intermediate Holding $282.2 9.000% Senior PIK Toggle Notes Caa2 / CCC+ 4.5 NC1 99.000% 10.035% 9.750% Dividend Industrial baml/gs/db/jpm (books)5/8 Brunswick $150.0 4.625% Senior Notes Ba3 / BB 8 NC3 100.000% 4.625% 4.750% Bond Refi Consumer jpm/baml (books)5/8 Cash America International $300.0 5.750% Senior Notes NR / NR 5 NCL 100.000% 5.750% 5.750% Bank Refi Financial jeff/jmp (books)5/8 CHC Helicopter $300.0 9.375% Senior Notes Caa1 / B- 8 NC3 100.000% 9.375% 9.500% Bank Refi Transportation ms/hsbc/rbc/ubs (books)5/8 Commercial Metals $330.0 4.875% Senior Notes Ba2 / BB+ 10 NCL 100.000% 4.875% 4.875% Bond Refi Industrial citi/db/baml/rbs/wfs (books)5/8 ION Geophysical $175.0 8.125% Senior Sec Notes (2nd Lien) B3 / B+ 5 NC2 100.000% 8.125% 8-8.25% Refi Nat Res citi/wfs (books)5/8 Iracore $125.0 9.500% Senior Sec Notes B3 / B 5 NC2.5 100.000% 9.500% 9.5-9.75% LBO Chemicals jeff (sole)5/8 LBC Tank Terminals $350.0 6.875% Senior Notes B3 / B 10 NC5 100.000% 6.875% 6.875% Bank Refi Industrial rbc/bnpp/ca/cnb/ing (books)5/8 Northern Oil and Gas $210.5 8.000% Senior Notes (add-on) Caa1 / B- 7 NC3 105.250% 6.754% 105-105.25 px Bank Refi Nat Res rbc/bmo/strh (books)5/8 Seminole Hard Rock Entertainment $350.0 5.875% Senior Notes B2 / BB- 8 NC3 100.000% 5.875% 6-6.25% Bond Refi Gaming/Leisure baml/cs (books)5/8 Sisal $359.7 7.250% Senior Sec Notes (EUR) B1 / B 4 NC1.5 100.000% 7.250% 7.250% Refi Gaming/Leisure db/imi/ca/miz/rbs/uni (books)5/8 Toll Brothers Finance $103.0 4.375% Senior Notes (add-on) Ba1 / BB+ 10 NCL 102.983% 4.000% 4.000% GCP Real Estate citi/db/rbs/strh (books)5/8 Tops Holding II Corp $148.5 8.750% Senior PIK Toggle Notes Caa2 / CCC+ 5 NC2 99.000% 8.990% 8.75-9% Dividend Retail baml/ms (books)5/9 Ball Corp $1,000.0 4.000% Senior Notes Ba1 / BB+ 10.5 NCL 100.000% 4.000% 4.125% Bond Refi Consumer db/baml/gs/barc/wfs/rbs/key/jpm (books)5/9 Claire's Stores $320.0 7.750% Senior Notes Caa2 / CCC 7 NC3 100.000% 7.750% 7.75-8% Bond Refi Retail gs/cs/jpm/rbc/apollo (books)5/9 Eircom $592.8 9.250% Senior Notes (EUR) Caa1 / B 7 NC3 100.000% 9.250% 9.250% GCP Telecom gsi/jpm/db/bnpp/baml/ms (books)5/9 First Quality Finance $600.0 4.625% Senior Notes B2 / BB- 8 NC3 100.000% 4.625% 4.750% Bank Refi Consumer wfs/jpm/baml/rbs/strh (books)5/9 Harron Communications $73.3 9.125% Senior Notes (add-on) Caa1 / B- 7 NC3 112.750% 5.375% 0.000% Repurch Stock Media strh (sole)5/9 Targa Resource Partners LP $625.0 4.250% Senior Notes Ba3 / BB 10.5 NC5 100.000% 4.250% 4.250% Bank Refi Nat Res wfs/barc/db/jpm/rbc (books)

5/10 Gastar Exploration $200.0 8.625% Senior Notes Caa2 / NR 5 NC2 100.000% 8.625% 8.750% Corp M&A Nat Res imp (sole)5/10 Gastar Exploration $200.0 8.625% Senior Notes Caa2 / NR 5 NC2 100.000% 8.625% 8.750% Corp M&A Nat Res imp (sole)5/13 Alere $425.0 6.500% Senior Sub Notes Caa1 / CCC+ 7 NC3 100.000% 6.500% 6.5-6.75% Bond Refi Healthcare gs/jeff/cs (books)5/13 Barminco $485.0 9.000% Senior Notes B1 / B- 5 NCL 100.000% 9.000% 9-9.25% Refi Nat Res jpm/gs/hsbc (books)5/13 Cequel Communications Holdings $750.0 5.125% Senior Notes B3 / B- 8.5 NC3 100.000% 5.125% 5-5.25% Bond Refi Telecom cs/gs/jpm/rbc/strh (books)5/13 Cooper-Standard Holdings $25.3 7.375% Senior PIK Toggle Notes (add-on)Caa1 / B 5 NC1 101.000% 7.126% 7.375% GCP Industrial db/baml/jpm/ubs (books)5/13 Frigoglass $324.4 8.250% Senior Notes B1 / BB- 5 NC2 100.000% 8.250% 8.25-8.5% Refi Industrial citi/hsbc (books)5/13 Select Medical $600.0 6.375% Senior Notes B3 / B- 8 NC3 100.000% 6.375% 6.500% Bank Refi Healthcare jpm/gs/baml/ms/rbc/wfs (books)


15



YTD High Yield Transactions Date Issuer Proceeds Coupon Security Ratings Structure Price Yield Price Talk UOP Industry Underwriters1/0 0 (USD $mm) 0.000% 0 / 0.000% 0.000% 0.000% 0 0 0

5/14 Earthlink $300.0 7.375% Senior Sec Notes Ba3 / B+ 7 NC3 100.000% 7.375% 7.25-7.5% Bond Refi Telecom cs/db/jeff (books)5/14 Italcementi Finance $210.7 6.125% Senior Notes (EUR) (add-on) Ba2 / BB+ 5 NCL 108.261% 4.169% 0.000% GCP Industrial imi/bnpp/ca cib/natx/uni (books)5/14 The AES Corporation $255.0 4.875% Senior Notes (add-on) Ba3 / BB- 10 NC5 102.000% 4.622% 102 px Bond Refi Power ms (sole)5/15 Amkor Technology $231.8 6.375% Senior Notes (add-on) B2 / BB 9.5 NC3.5 103.000% 5.951% 103 px GCP Technology db/cs (books)5/15 Dish DBS Corp $1,250.0 5.000% Senior Notes Ba3 / BB- 4 NCL 100.000% 5.000% 5.000% Corp M&A Media barc/jeff/mqb/rbc (books)5/15 Dish DBS Corp $1,350.0 6.250% Senior Notes Ba3 / BB- 10 NCL 100.000% 6.250% 6.250% Corp M&A Media barc/jeff/mqb/rbc (books)5/15 Dynegy $500.0 5.875% Senior Notes B3 / B+ 10 NC5 100.000% 5.875% 6.000% Bank Refi Power ms/cs/barc/db/gs/jpm/baml/rbc/ubs (books)5/15 First Data $750.0 11.750% Senior Sub Notes Caa2 / CCC+ 8 NC3 100.000% 11.750% 11.750% Bond Refi Technology citi/db/baml (books)5/15 Harland Clarke $54.5 9.750% Senior Notes (add-on) B1 / B+ 5.25 NC2.25 109.000% 7.220% 0.000% Bond Refi Financial cs (sole)5/15 Magnetation $325.0 11.000% Senior Notes B3 / B- 5 NCL 100.000% 11.000% 11.000% Refi Industrial jpm/jeff/db (books)5/15 Seagate HD $1,000.0 4.750% Senior Notes Ba1 / BB+ 10 NCL 100.000% 4.750% 4.750% Bond Refi Technology ms/baml/bnpp (books)5/15 SM Energy $500.0 5.000% Senior Notes Ba3 / BB 10.5 NC5 100.000% 5.000% 5.000% Bank Refi Nat Res baml/wfs/jpm (books)5/15 Tenet Healthcare $1,050.0 4.375% Senior Sec Notes Ba3 / B+ 8.5 NCL 100.000% 4.375% 4.25-4.5% Bond Refi Healthcare barc/baml/citi/wfs (books)5/16 Bon-Ton Department Stores $350.0 8.000% Senior Sec Notes (2nd Lien) Caa1 / B- 8 NC3 100.000% 8.000% 8-8.25% Bond Refi Retail baml/cs/gs (books)5/16 Builders Firstsource $350.0 7.625% Senior Sec Notes Caa2 / CCC 8 NC3 100.000% 7.625% 7.750% Bond Refi Industrial cs/citi/strh (books)5/16 Freescale Semiconductor $500.0 5.000% Senior Sec Notes B1 / B 8 NC3 100.000% 5.000% 4.875-5% Bond Refi Technology cs/barc/citi/db/gs/jpm (books)5/16 Jefferies LoanCore $300.0 6.875% Senior Notes B2 / B 7 NC3 100.000% 6.875% 7.000% GCP Financial jeff (sole)5/16 Neenah Paper $175.0 5.250% Senior Notes Ba3 / BB- 8 NC3 100.000% 5.250% 5.25-5.5% Bond Refi Industrial gs/cs/jpm (books)5/16 NII International Telecom $700.0 7.875% Senior Notes B2 / B- 6.25 NC3.75 100.000% 7.875% 8.000% Bank Refi Telecom jpm/gs (books)5/16 Phoenix Pharmahandel $383.5 3.125% Senior Notes (EUR) NR / BB 7 NCL 99.229% 3.250% 3.25-3.5% GCP Healthcare commerz/ca/helaba/hsbc/lbbw (books)5/16 StoneMor Partners $175.0 7.875% Senior Notes B3 / B- 8 NC3 100.000% 7.875% 8-8.25% Bond Refi Industrial baml (sole)5/16 Sugarhouse $240.0 6.375% Senior Sec Notes (2nd Lien) B3 / CCC 8 NC3 100.000% 6.375% 6.500% Bond Refi Gaming/Leisure gs/wfs/baml/fitb (books)5/16 Supervalu $400.0 6.750% Senior Notes Caa1 / B- 8 NC4 100.000% 6.750% 6.5-6.75% Bond Refi Retail gs/cs (books)5/16 Univision Communications $700.0 5.125% Senior Sec Notes B2 / B+ 10 NC5 100.000% 5.125% 5-5.25% Bank Refi Media db/baml/barc/cs/jpm/wfs/natx/miz (books)5/17 Millicom Int'l Cellular $496.3 4.750% Senior Notes Ba2 / BB+ 7 NC4 99.266% 4.875% 5.375% GCP Telecom jpm/strh/bnpp (books)5/17 Murray Energy $350.0 8.625% Senior Sec Notes (2nd Lien) Caa1 / B- 8 NC3 100.000% 8.625% 8.750% Bond Refi Metals & Mining gs (sole)5/17 Pacific Drilling $750.0 5.375% Senior Notes B1 / B+ 7 NC3 100.000% 5.375% 5.500% Refi Nat Res gs/citi/db/barc (books)5/20 B&G Foods $700.0 4.625% Senior Notes B1 / B+ 8 NC3 100.000% 4.625% 4.625% Bond Refi Consumer cs/barc/rbc/baml/db (books)5/20 Concho Resources $881.9 5.500% Senior Notes (add-on) Ba3 / BB+ 10 NC4.5 103.750% 4.884% 103.5-104 px Bond Refi Nat Res baml/barc/citi/jpm/wfs (books)5/20 Memorial Production Partners $102.0 7.625% Senior Notes (add-on) Caa1 / B- 8 NC4 102.000% 7.202% 0.000% Bank Refi Nat Res wfs (sole)5/20 Sabra Health Care $200.0 5.375% Senior Notes B1 / BB- 10 NC5 100.000% 5.375% 5.500% Bond Refi Real Estate baml/barc/rbc/wfs (books)5/21 Cinemark $530.0 4.875% Senior Notes B2 / BB- 10 NC5 100.000% 4.875% 4.75-5% Bond Refi Media barc/ms/citi/db/wfs (books)5/21 GETCO Financing (KCG Holdings) $305.0 8.250% Senior Sec Notes B2 / B 5 NC2 100.000% 8.250% 8.250% Refi Financial jeff/gs (books)5/21 Intelsat (Intelsat Jackson) $2,000.0 5.500% Senior Notes B3 / B 10 NC5 100.000% 5.500% 5.25-5.5% Refi Telecom cs/barc/baml/jpm/ms/gs/db (books)5/21 Intelsat (Intelsat Jackson) $674.7 6.625% Senior Notes (add-on) Caa2 / CCC+ 9.5 NC4.5 106.250% 5.763% 106-106.5 px Refi Telecom cs/barc/baml/jpm/ms/gs/db (books)5/21 Springleaf Finance $300.0 6.000% Senior Notes Caa1 / CCC+ 7 NCL 100.000% 6.000% 6-6.25% GCP Financial baml/citi/cs (books)5/21 Springs Window Fashions $470.0 6.250% Senior Sec Notes B2 / B 8 NC3 100.000% 6.250% 6.250% LBO Industrial jpm/baml (books)5/21 US Airways $500.0 6.125% Senior Notes Caa2 / CCC+ 5 NCL 100.000% 6.125% 6.125% GCP Transportation citi/barc/gs/ms/cs (books)5/22 CommScope $550.0 6.625% Senior PIK Toggle Notes Caa1 / B- 7 NC3 100.000% 6.625% 6.750% Dividend Telecom jpm/baml/db/gs (books)5/22 Legacy Reserves $246.0 6.625% Senior Notes Caa1 / B- 8 NC4 98.405% 6.875% 6.875% GCP Nat Res wfs/baml/barc/citi/jpm/rbc/ubs (books)5/22 Provident Funding Associates $540.0 6.750% Senior Notes Ba3 / B+ 8 NC3 100.000% 6.750% 6.75-7% Bond Refi Financial baml/citi/jeff (books)5/22 Vantage Oncology $250.0 9.500% Senior Sec Notes (1st Lien) B2 / B 4 NC1 100.000% 9.500% 9.500% Refi Healthcare jeff/strh/bmo (books)5/23 Avanza Grupo $406.8 7.500% Senior Notes (EUR) B1 / B+ 5 NC2 100.000% 7.500% 7.5-7.75% Bank Refi Transportation gs/jpm/uni (books)5/23 Avanza Grupo $226.0 9.500% Senior Notes (EUR) B2 / B- 6 NC3 100.000% 9.500% 9.5-9.75% Bank Refi Transportation gs/jpm/uni (books)5/23 Century Aluminum $246.3 7.500% Senior Sec Notes B3 / B 8 NC3 98.532% 7.750% 7.25-7.5% Bond Refi Industrial cs/wfs (books)5/23 Elan Finance $850.0 6.250% Senior Notes Ba3 / B+ 8 NC3 100.000% 6.250% 6.250% GCP Healthcare ms (sole)5/23 Equiniti Bondco $322.8 6.750% Senior Secured (EUR) B3 / B 5.5 NC2 100.000% 6.750% 6.75-7% Bank Refi Financial jpm/lloyds/citi (books)5/23 Equiniti Bondco $245.4 L+550 bps Senior Secured FRN (EUR) B3 / B 5.5 NC1 100.000% L+550 bps L+550 bps Bank Refi Financial jpm/lloyds/citi (books)5/23 Midstates Petroleum $700.0 9.250% Senior Notes Caa1 / B- 8 NC3 100.000% 9.250% 8.875% Corp M&A Nat Res ms/strh/baml/rbc/sg/citi/gs/natx/rbs (books)5/23 Thomas Cook $677.9 7.750% Senior Notes (EUR) NR / B- 7 NC3 100.000% 7.750% 7.625-7.875% Refi Gaming/Leisure barc/bnpp/cs/dnb/jeff/lloyds/sg/rbs (books)5/28 APX Group $203.5 8.750% Senior Notes (add-on) Caa1 / CCC+ 7.5 NC2.5 101.750% 8.430% 101.5-102 px GCP Industrial baml/citi/db/ms/cs/macq/gs/hsbc (books)5/28 Meritor $275.0 6.750% Senior Notes B3 / B- 8 NC3 100.000% 6.750% 6.750% Bond Refi Industrial citi/jpm/baml/rbs/ubs (books)5/29 Ingles Markets $700.0 5.750% Senior Notes B1 / BB- 10 NC5 100.000% 5.750% 5.500% Bond Refi Retail baml/wfs/bb&t/strh (books)5/29 Nationstar Mortgage $300.0 6.500% Senior Notes B2 / B+ 9 NC4.5 100.000% 6.500% 6.25-6.375% GCP Financial cs/baml/barc/wfs/jpm (books)5/29 Regal Entertainment $250.0 5.750% Senior Notes B3 / B- 10 NC5 100.000% 5.750% 5.5-5.75% Bond Refi Gaming/Leisure cs/baml/barc/db/wfs (books)5/30 Goodman Networks $105.0 12.125% Senior Sec Notes (add-on) B3 / B 5 NC2 105.000% 10.810% 105 px Corp M&A Telecom jeff (sole)5/30 Ultrapetrol (Bahamas) Limited $200.0 8.875% Senior Sec Notes B3 / B- 8 NC3 100.000% 8.875% 9.000% Bond Refi Transportation baml/jeff (books)5/31 Ahern Rentals $420.0 9.500% Senior Sec Notes (2nd Lien) Caa1 / NR 5 NC2 100.000% 9.500% 9.500% Refi Industrial jeff (sole)5/31 Novalis $584.9 6.000% Senior Sec Notes (EUR) B1 / B+ 5 NC2 100.000% 6.000% 6-6.25% Bank Refi Consumer bnpp/db/gs/jpm (books)5/31 Stabilus $409.4 7.750% Senior Sec Notes (EUR) B2 / B 5 NC2 100.000% 7.750% 7.750% Bank Refi Industrial jpm (sole)5/31 William Hill $570.0 4.250% Senior Notes (GBP) Ba1 / BB+ 7 NCL 100.000% 4.250% 4.250% GCP Gaming/Leisure barc/lloyds/rbs (books)6/3 Eagle MidCo (Epicor Software) $392.0 9.000% Senior PIK Toggle Notes Caa2 / CCC+ 5 NC1.5 98.000% 9.510% 9.000% Dividend Technology baml/cs/rbc (books)6/4 Bravida Holding $292.6 E+500 bps Senior Sec Notes FRN (EUR) B2 / B 6 NC1 100.000% E+500 bps E+500-525 bps GCP Industrial db/ms/nordea (books)6/4 Bravida Holding $198.2 St+537.5 bps Senior Sec Notes FRN (SEK) B2 / B 6 NC2 100.000%St+537.5 bps St+550 bps GCP Industrial db/ms/nordea (books)6/4 Equiniti $379.9 7.125% Senior Sec Notes (GBP) B3 / B 5.5 NC2 100.000% 7.125% 7-7.25% Bank Refi Technology jpm/lloyd/citi (books)6/4 Equiniti $288.8 L+575 bps Senior Sec FRN (GBP) B3 / B 5.5 NC1 100.000% L+575 bps L+575 bps Bank Refi Technology jpm/lloyd/citi (books)6/6 Approach Resources $250.0 7.000% Senior Notes B3 / B- 8 NC3 100.000% 7.000% 6.75-7.0% Bank Refi Nat Res jpm/rbc/key (books)6/6 Bakkavor $231.1 8.750% Senior Sec Notes (GBP) B2 / B- 7 NC3 98.720% 9.000% 8.75-9.0% Bank Refi Consumer barc/baml/hsbc/mizuho/rabo/rbs (books)6/6 Hot Topic $345.2 9.250% Senior Sec Notes B2 / B 8 NC3 98.618% 9.500% 9.000% LBO Retail baml/jeff (books)6/7 Intergen $736.7 7.000% Senior Sec Notes B1 / B+ 10 NC5 98.231% 7.250% 7.250% Bond Refi Power db/barc/baml/cs/mufj/rbc (books)6/7 Intergen $262.0 7.500% Senior Sec Notes (GBP) B1 / B+ 8 NC4 98.517% 7.750% 7.750% Bond Refi Power db/barc/baml/cs/mufj/rbc (books)6/7 Jack Cooper $225.0 9.250% Senior Secured (2nd Lien) B2 / B- 7 NC3 100.000% 9.250% 8.750% Bank Refi Industrial wfs/barc (books)6/7 SemGroup $300.0 7.500% Senior Notes B3 / B+ 8 NC3 100.000% 7.500% 7.25-7.5% Corp M&A Nat Res citi/bmo/db/rbc/rbs/scotia/ubs (books)

6/10 Garda World Security $52.9 9.750% Senior Notes B2 / B 3.75 NC0.75 105.750% 7.942% 105.750% Bank Refi Financial baml/rbc/td (books)6/10 Sanchez Energy $400.0 7.750% Senior Notes Caa1 / CCC+ 8 NC4 100.000% 7.750% 7.5-7.75% Bank Refi Nat Res rbc/cs (books)6/10 SMCP $384.5 8.875% Senior Sec Notes (EUR) B3 / B 7 NC3 100.000% 8.875% 8.750% LBO Consumer cs/gs/kkr/ubs (books)6/11 GFL Environmental $196.3 7.500% Senior Notes (CAD) NR / B+ 5 NC2 100.000% 7.500% 7.500% Refi Industrial bmo/scotia (books)6/11 HudBay Minerals $153.0 9.500% Senior Notes (add-on) B3 / B- 7.25 NC3.25 102.000% 9.110% 9.000% GCP Nat Res jeff (sole)6/12 Emerald Expo $200.0 9.000% Senior Notes Caa2 / B- 8 NC3 100.000% 9.000% 8.5-8.75% LBO Media gs/baml/cs/ms/rbc/ubs (books)6/12 Quicksilver $194.0 L+575 bps Senior Sec Notes FRN (2nd Lien)B2 / CCC+ 6 NC0 97.000% L+575 bps L+575 bps Bond Refi Nat Res cs/jpm/citi/db/baml/wfs (books)6/12 Quicksilver $308.5 11.000% Senior Notes Caa2 / CCC 8 NC6 94.928% 12.000% 11.750% Bond Refi Nat Res cs/citi/db/jpm/td/ubs (books)6/12 Summit Midstream $300.0 7.500% Senior Notes B3 / B 8 NC3 100.000% 7.500% 7.5-7.75% Bank Refi Nat Res baml/db/rbc/rbs (books)6/13 Barry Callebaut $392.5 5.500% Senior Notes Ba1 / BB+ 10 NCL 98.122% 5.570% 5.5-5.75% Corp M&A Consumer cs/gs/ing/jeff/rbs/rabo/ubs (books)6/13 IronGate Energy $176.6 11.000% Senior Sec Notes NR / NR 5 NC3 98.132% 11.500% 11.500% LBO Nat Res jeff (sole)6/14 Altice $333.6 9.000% Senior Notes (EUR) B3 / B- 10 NC5 100.000% 9.000% 9-9.25% GCP Telecom gs/ms/ca-cib/cs/db (books)6/17 Asbury Automotive Group $109.8 8.375% Senior Notes (add on) B2 / B+ 7.5 NC2.5 109.750% 5.628% 109.500% Bond Refi Consumer baml/jpm (books)6/17 Service Corp Intl $425.0 5.375% Senior Notes Ba3 / BB- 8.5 NC4 100.000% 5.375% 5.25-5.75% Corp M&A Consumer jpm/baml/wfs (books)6/18 Atwood Oceanics $208.5 6.500% Senior Notes Ba3 / BB 6.5 NC2.5 104.250% 5.444% 104.000% GCP Nat Res barc/wfs/cs/dnb/gs (books)6/18 Brookfield Residential Properties $500.0 6.125% Senior Notes B2 / BB- 9 NC4 100.000% 6.125% 6.250% Refi Real Estate cs/citi/db/wfs (books)6/18 Rite Aid Corp $810.0 6.750% Senior Notes Caa2 / CCC 8 NC3 100.000% 6.750% 6.750% Bond Refi Consumer citi/baml/wfs/gs/ms (books)6/19 AK Steel Corp $32.0 8.750% Senior Sec Notes (add-on) B1 / BB- 5.5 NC2.5 106.500% 7.017% 0.000% GCP Industrial baml (sole)6/19 Interxion $432.0 6.000% Senior Sec Notes (EUR) B2 / B+ 7 NC3 100.000% 6.000% 6.000% Bond Refi Telecom barc/cs/baml/citi (books)6/19 National Financial Partners (Patriot Merger) $300.0 9.000% Senior Notes Caa2 / CCC+ 8 NC3 100.000% 9.000% 8.75-9.0% LBO Financial db/ms/ubs/cs/mcs/rbc (books)6/25 AA Group $1,026.2 9.500% Senior Notes (GBP) NR / BB 6 NC2.5 100.000% 9.500% 9.500% Refi Industrial db/rbs/barc/miz/baml/hsbc/lloyds/mufj/rbc/ubs (books)6/25 Gibson Energy $492.4 6.750% Senior Notes Ba3 / BB 8 NC3 98.476% 7.000% 7.000% Bank Refi Nat Res rbc/jpm/bmo/cibc/citi/cs/Nomura (books)6/25 Gibson Energy $242.5 7.000% Senior Notes (CAD) Ba3 / BB 7 NC3 98.633% 7.500% 7.250% Bank Refi Nat Res rbc/jpm/bmo/cibc/citi/cs (books)6/25 Transdigm $500.0 7.500% Senior Notes Caa1 / CCC+ 8 NC3 100.000% 7.500% 7.25-7.5% Dividend Industrial ubs/cs/ms/citi/barc/rbc (books)6/27 Audatex North America $850.0 6.000% Senior Notes Ba2 / BB- 8 NC4 100.000% 6.000% 6.000% Bank Refi Industrial gs (sole)6/27 Nord Anglia Education $175.7 10.250% Senior Sec Notes B3 / B 4 NC2 106.500% 7.573% 106-106.5 px Bank Refi Consumer gs/cs/hsbc (books)6/27 Valeant Pharmaceuticals $1,625.0 7.500% Senior Notes B1 / B 8 NC3 100.000% 7.500% 7.500% Corp M&A Healthcare gs/baml/barc/jpm/ms/rbc (books)6/27 Valeant Pharmaceuticals $1,600.0 6.750% Senior Notes B1 / B 5 NC2 100.000% 6.750% 6.750% Corp M&A Healthcare gs/baml/barc/jpm/ms/rbc (books)6/28 Creditcorp $163.5 12.000% Senior Sec Notes B3 / B 5 NC3 99.080% 12.250% 12.250% Bank Refi Financial jeff (sole)6/28 Hercules Offshore $400.0 8.750% Senior Notes B3 / B 8 NC4 100.000% 8.750% 8.75-9% Corp M&A Nat Res db/ubs/cs/gs/pareto (books)6/28 Petroquest $200.0 10.000% Senior Notes Caa1 / B 4 NC1 100.000% 10.000% 100-101 px GCP Nat Res jpm/wfs (books)7/9 Continental AG $948.8 3.000% Senior Notes (EUR) Ba2 / BB 5 NCL 98.950% 3.250% 3.25-3.375% Bond Refi Industrial bnpp/citi/db/ing/uni (books)7/9 Fiat Finance & Trade SA $1,086.7 6.750% Senior Notes (EUR) B1 / BB- 6 NCL 100.000% 6.750% 6.875% GCP Financial bnpp/citi/commerz/gs/natx/sg/uni (books)7/9 FTE Automotive $306.8 9.000% Senior Sec Notes (EUR) B1 / B 7 NC3 100.000% 9.000% 8.75-9% LBO Industrial ms (sole)

7/10 Unilabs MidHolding $257.8 12.000% Senior PIK Toggle Notes (2nd Lien) (EUR)Caa2 / B- 5.5 NC3 100.000% 12.000% 13.000% Refi Healthcare jpm/lloyds/nordea/seb (books)7/10 Unilabs SubHolding $448.6 8.500% Senior Sec Notes (EUR) B3 / B+ 5 NC2 98.025% 9.000% 9.000% Refi Healthcare jpm/lloyds/nordea/seb (books)7/10 Unilabs SubHolding $165.9 E+725 bps Senior Sec FRN (EUR) B3 / B+ 5 NC1 99.000% 7.470% E+725bps Refi Healthcare jpm/lloyds/nordea/seb (books)7/11 Best Buy Co $500.0 5.000% Senior Notes Baa2 / BB 5 NCL 99.997% 5.000% 5.125% GCP Retail barc/citi/jpm/rbs (books)7/11 Expro Finance Luxembourg SCA $104.5 8.500% Senior Sec Notes B1 / B 3.5 NC0.5 104.500% 6.990% 104-104.25 px GCP Nat Res gs (sole)7/11 Monitronics Intl Inc $175.0 9.125% Senior Notes Caa1 / CCC+ 6.75 NC2.75 100.000% 9.125% 100 px Corp M&A Consumer baml/cs/citi (books)7/11 Post Holidngs $370.1 7.375% Senior Notes B1 / B+ 8.5 NC3.5 105.750% 6.292% 105.5 px GCP Consumer cs/barc/jpm/bmo/gs/nom/strh/wfs (books)7/11 Quicksilver Inc $278.6 7.875% Senior Secured Notes B2 / CCC+ 5 NC2.5 99.483% 8.000% 8-8.25% Refi Consumer baml/ms/wfs (books)7/11 Quicksilver Inc $222.2 10.000% Senior Notes Caa2 / CCC 7 NC3 98.757% 10.250% 10.25-10.5% Refi Consumer baml/ms/wfs (books)7/11 Vue Emtertainment $376.2 E+525 bps Senior Sec FRN (EUR) B2 / B 7 NC1 99.500% E+525 bps E+525-550 bps LBO Media gs/ms/lloyds (books)7/11 Vue Emtertainment $453.6 7.875% Senior Sec Notes (GBP) B2 / B 7 NC3 100.000% 7.875% 8-8.25% LBO Media gs/ms/lloyds (books)7/12 American Equity Investment $400.0 6.625% Senior Notes / BB+ 8 NC4 100.000% 6.625% 6.5-6.75% Bond Refi Financial jpm (sole)7/12 Findus $398.2 9.125% Senior Secured Notes (EUR) B3 / B- 5 NC2 100.000% 9.125% 9.250% Bank Refi Consumer jpm/gs/nordea/sg (books)7/12 Findus $226.8 9.500% Senior Secured Notes (GBP) B3 / B- 5 NC2 100.000% 9.500% 9.500% Bank Refi Consumer jpm/gs/nordea/sg (books)7/15 Ally Financial $1,000.0 3.500% Senior Notes B1 / B+ 3 NCL 100.000% 3.500% 3.5-3.625% Bond Refi Financial barc/citi/gs/ms (books)7/15 Ally Financial $375.0 L+268 bps Senior FRN B1 / B+ 3 NCL 100.000% L+268 bps L+325-326.5 bps Bond Refi Financial barc/citi/gs/ms (books)7/15 Magnachip Semiconductor $223.9 6.625% Senior Notes B1 / BB- 8 NC4 99.500% 6.707% 6.750% Bond Refi Technology barc/ms (books)7/15 RKI Exploration and Production $350.0 8.500% Senior Notes B3 / B- 8 NC3 100.000% 8.500% 8.500% Bank Refi Nat Res citi/jpm/ubs (books)7/16 NOVA Chemicals Corporation $500.0 5.250% Senior Notes Ba2 / BB+ 10 NC5 100.000% 5.250% 5.25-5.5% Bond Refi Chemicals barc/td/hsbc/rbc/scotia (books)7/17 Chassix, Inc $350.0 9.250% Senior Sec Notes B3 / B 5 NC2 100.000% 9.250% 9.25-9.5% Bank Refi Industrial baml/bmo/pnc/rbc (books)7/17 Marlin Intermediate $365.1 10.500% Senior Sec Notes (GBP) NR / B 7 NC3 100.000% 10.500% 0.000% Refi Financial jpm/investec (books)


16



YTD High Yield Transactions

Date Issuer Proceeds Coupon Security Ratings Structure Price Yield Price Talk UOP Industry Underwriters1/0 0(Formula - Do Not Edit) 0.000% 0 / 0.000% 0.000% 0.000% 0 0 0

7/17 Mercer Intl Inc $52.3 9.500% Senior Notes B3 / B 4.5 NC1.5 104.500% 7.941% 104.25-104.5 px GCP Industrial cs (sole)7/17 Nationstar Mortgage LLC $250.0 6.500% Senior Notes B2 / B+ 5 NC2 100.000% 6.500% 6.500% GCP Financial cs/baml/barc/wfs/jpm (books) 7/17 TMX Finance $525.0 8.500% Senior Sec Notes B3 / B+ 5 NC2 100.000% 8.500% 8.5-8.75% Refi Financial jeff/ms (books)7/18 Chemtura $450.0 5.750% Senior Notes B1 / BB- 8 NC4 100.000% 5.750% 5.75-6% Bond Refi Chemicals citi/baml/wfs/barc/gs (books)7/18 Harbinger Group Inc $228.4 7.875% Senior Sec Notes B3 / B 6 NC2.5 101.500% 7.474% 101.500% GCP Financial cs (sole)7/18 Schaeffler Holding $994.7 6.875% Senior PIK Toggle Notes B2 / B- 5 NC1 99.468% 7.000% 7-7.25% Refi Industrial jpm/db/bnpp/citi/commerz/hsbc/uni (books)7/18 Schaeffler Holding $1,032.6 6.875% Senior PIK Toggle Notes B2 / B- 5 NC1 98.428% 7.250% 7.25-7.5% Refi Industrial db/jpm/bnpp/citi/commerz/hsbc/uni (books)7/19 MedImpact $168.0 10.500% Senior Sec Notes Caa2 / B- 4.5 NC1.5 105.000% 8.809% 0.000% Corp M&A Healthcare cs (sole)7/19 Smithfield Foods $500.0 5.250% Senior Notes B2 / BB- 5 NC2 100.000% 5.250% 5.375% Corp M&A Consumer ms (sole)7/19 Smithfield Foods $400.0 5.875% Senior Notes B2 / BB- 8 NC3 100.000% 5.875% 6.000% Corp M&A Consumer ms (sole)7/22 Gardner Denver $575.0 6.875% Senior Notes Caa1 / B- 8 NC3 100.000% 6.875% 7-7.25% LBO Industrial db/citi/barc/ubs/miz/rbc/mqb/hsbc (books)7/22 Maisons du Monde $428.7 9.000% Senior Sec Notes (EUR) B3 / B 7 NC3 100.000% 9.000% 0.000% LBO Consumer cs/commerz/natixis (books)7/22 Multiplan $750.0 8.375% Senior PIK Toggle Notes Caa1 / CCC+ 5 NC1 100.000% 8.375% 8.500% Dividend Healthcare barc/baml/gs (books)7/23 Carolina Beverage $130.0 10.625% Senior Sec Notes (2nd Lien) Caa2 / B- 5 NC2 100.000% 10.625% 10.625-10.75% Refi Consumer imperial (sole)7/23 Kodiak Oil & Gas $400.0 5.500% Senior Notes B3 / B 8.5 NC4 100.000% 5.500% 0.000% Refi Nat Res cs/bmo/key/rbc/scotia/wfs (books)7/23 Midcontinent Communications $250.0 6.250% Senior Notes B3 / B- 8 NC3 100.000% 6.250% 6.250% Refi Media strh/rbc/wfs/baml (books)7/23 RKI Exploration & Production $50.3 8.500% Senior Notes B3 / B- 8 NC3 100.500% 8.390% 0.000% Bank Refi Nat Res citi/jpm/ubs (books)7/23 Salini Construttori Spa $526.1 6.125% Senior Notes (EUR) / BB- 5 NCL 99.477% 6.250% 6.500% Refi Industrial imi/natixis/uni (books)7/24 Gannett Co $591.4 5.125% Senior Notes Ba1 / BB- 7 NC3 98.566% 5.375% 5.500% Refi Media jpm/citi/barc/btmu/miz/strh/ubs/pnc/ftib (books)7/24 Gibson Brands $225.0 8.875% Senior Sec Notes B2 / B 5 NC2.5 100.000% 8.875% 9.000% Refi Consumer jeff/wfs (books)7/24 Michaels Stores $800.0 7.500% Senior PIK Toggle Notes Caa1 / CCC+ 5 NC1 100.000% 7.500% 7.5-7.75% Dividend Retail jpm/gs/db/wfs/barc/ms/baml/cs7/24 Travelex $230.4 6.509% Senior Sec FRN (GBP) B2 / B 5 NC1 100.000% 6.509% L+600 bps Bank Refi Financial baml/db/barc/lloyds/ubs (books)7/24 Travelex $307.2 8.000% Senior Sec Notes (GBP) B2 / B 5 NC2 100.000% 8.000% 8-8.25% Bank Refi Financial baml/db/barc/lloyds/ubs (books)7/25 Atlas Resources Partners $248.2 9.250% Senior Notes Caa1 / B- 8 NC4 99.297% 9.375% 9.250% M&A Nat Res db/wfs/citi/jpm/rbc (books)7/25 CIT Group Holdings $742.7 5.000% Senior Notes Ba3 / BB 10 NCL 99.031% 5.125% 5.125-5.25% GCP Financial barc/cs/jpm/ms (books)7/25 Faenza GmbH (CeramTec GmbH) $407.2 8.250% Senior Notes (EUR) Caa2 / CCC+ 8 NC3 100.000% 8.250% 8.25-8.5% LBO Industrial db/rbc/ubs (books)7/25 Gamenet SpA $265.5 7.250% Senior Sec Notes (EUR) B1 / B+ 5 NC2 100.000% 7.250% 7.250% Refi Gaming/Leisure ubs/cs/uni/imi (books)7/25 Parker Drilling $225.0 7.500% Senior Notes B1 / B+ 7 NC3 100.000% 7.500% 7.5-7.75% Refi Nat Res gs/wfs/baml/rbs (books)7/25 Picard Groupe $637.3 E+425 bps Senior Sec FRN (EUR) Ba3 / BB- 6 NC1 100.000% 4.476% E+425-450 bps Refi Consumer cs/bnpp/cag/gs/ms/natixis/socgen (books)7/25 Woodside Homes $220.0 6.750% Senior Notes Caa1 / B 8.5 NC3 100.000% 6.750% 6.750% Bond Refi Real Estate cs/moelis/citi/wfc (books)7/26 Alliance One Intl $720.3 9.875% Senior Sec Notes (2nd Lien) Caa1 / B- 8 NC4 98.000% 10.250% 9.875% Bond Refi Industrial db/cs/icbc/ing/natixis/scb (books)7/26 Alliance One Intl $720.3 9.875% Senior Sec Notes (2nd Lien) Caa1 / B- 8 NC4 98.000% 10.250% 9.875% Bond Refi Industrial db/cs/icbc/ing/natixis/scb (books)7/26 Brightstar Corp $247.4 7.250% Senior Notes B1 / B+ 5 NC2 98.973% 7.500% 7.5-7.75% Refi Technology jpm/gs/jeff (books)7/26 Brightstar Corp $247.4 7.250% Senior Notes B1 / B+ 5 NC2 98.973% 7.500% 7.5-7.75% Refi Tecnology jpm/gs/jeff (books)7/26 Manutencoop Facility Management Spa $557.1 8.500% Senior Sec Notes B2 / B+ 7 NC3 98.713% 8.750% 8.25-8.5% Refi Consumer jpm/uni/imi/mediobanca (books)7/26 Manutencoop Facility Management Spa $557.1 8.500% Senior Sec Notes B2 / B+ 7 NC3 98.713% 8.750% 8.25-8.5% Refi Consumer jpm/uni/imi/mediobanca (books)7/29 Party City $297.0 8.750% Senior PIK Toggle Notes Caa2 / CCC 6 NC1.5 99.000% 8.966% 9.000% Dividend Retail baml/db/barc/gs/ms/moelis (books)7/29 Sirius XM Radio $600.0 5.750% Senior Notes B1 / BB 8 NC3 100.000% 5.750% 5.375-5.5% Bond Refi Media baml/db/jpm/citi/ca/ms/strh (books)7/29 Tesoro Logisitcs LP $550.0 6.125% Senior Notes B1 / BB- 8 NC3 100.000% 6.125% 6.250% Bank Refi Nat Res baml/wfs/db/ms/ubs (books)7/30 Aguila 3 SA (Swissport) $400.7 7.875% Senior Sec Notes B2 / B 4.5 NC0.5 102.750% 7.149% 1025-103 px Corp M&A Industrial citi/bnpp/socgen/ms/ubs (books)7/30 Dana Holding Corp $450.0 5.375% Senior Notes B2 / B 8 NC3 100.000% 5.375% 5.500% Repurch Stock Industrial citi/baml/barc/db/jpm/ubs/wfs (books)7/30 Dana Holding Corp $300.0 6.000% Senior Notes B2 / B 10 NC5 100.000% 6.000% 6.000% Repurch Stock Industrial citi/baml/barc/db/jpm/ubs/wfs (books)7/30 KeHe Distributors $200.0 7.625% Senior Secured Notes (2nd Lien) B3 / B 8 NC4 100.000% 7.625% 7.750% Refi Consumer bmo/jpm (books)7/30 National Amusements $300.0 5.000% Senior Sec Notes B1 / BB 5 NC2 100.000% 5.000% 5.0-5.125% Bond Refi Media barc/wfs (books)7/30 Pinnacle Entertainment $850.0 6.375% Senior Notes B2 / B 8 NC3 100.000% 6.375% 6.25-6.5% Corp M&A Gaming/Leisure jpm/gs/baml/db/wfs/ca/barc/ubs (books)7/30 S&B Minerals Finance $364.7 9.250% Senior Sec Notes B3 / B+ 7 NC3 100.000% 9.250% 0.000% Refi Industrial cs/bnpp/hsbc/ubs (books)7/30 Stearns Holdings $250.0 9.375% Senior Sec Notes B2 / B+ 7 NC3 100.000% 9.375% 9.500% Refi Financial jeff (sole)7/31 Alcatel-Lucent $500.0 8.875% Senior Notes B3 / CCC+ 6.5 NC3 100.000% 8.875% 9.000% Bank Refi Technology ms/db/cs/citi/gs/uni (books)7/31 DR Horton $400.0 5.750% Senior Notes Ba2 / BB 10 NCL 100.000% 5.750% 5.625-5.75% GCP Real Estate db/citi/jpm/rbs/wfs (books)7/31 Flexi-Van Leasing $248.7 7.875% Senior Notes B3 / BB- 5 NC2.5 99.488% 8.000% 7.75-8% Refi Transportation baml/wfs (books)7/31 LSB Industries $400.0 7.750% Senior Sec Notes Ba3 / B+ 6 NC3 100.000% 7.750% 7.750% Bank Refi Industrial wfs/baml/jpm (books)7/31 WCI Communities $200.0 6.875% Senior Notes B3 / B 8 NC3 100.000% 6.875% 6.750% Bond Refi Real Estate citi/jpm/cs/baml (books)8/1 Healthcare Technology Intermediate $750.0 7.375% Senior PIK Toggle Notes Caa1 / B- 5 NC1 100.000% 7.375% 7.500% Dividend Healthcare gs/baml/barc/db/hsbc/jpm/wfs (books)8/1 Standard Pacific $300.0 6.250% Senior Notes B2 / B+ 8 NCL 100.000% 6.250% 6.125-6.25% GCP Real Estate citi/cs (books)8/2 Bankrate Inc $296.8 6.500% Senior Notes B2 / BB- 5 NC2 98.938% 6.375% 6.500% Bond Refi Financial gs/rbc (books)8/2 Intralot Finance $427.6 9.750% Senior Notes (EUR) B1 / B+ 5 NC3 99.027% 10.000% 10-10.25% Bond Refi Gaming/Leisure citi/hsbc/barc/sg (books)8/5 Playa Resorts $300.0 8.000% Senior Notes Caa1 / B 7 NC3 100.000% 8.000% 8-8.25% M&A Gaming/Leisure baml/db (books)8/5 RCN Telecom Services $200.0 8.500% Senior Notes Caa1 / CCC+ 7 NC3 100.000% 8.500% 8.25-8.5% Dividend Media cs/strh (books)8/6 ConvaTech Finance Intl SA $891.0 8.250% Senior PIK Toggle Notes Caa1 / B- 5.4 NC1 99.000% 8.486% 8.25% at 99 px Dividend Healthcare gs/jpm/baml/db/ms (books)8/6 Endeavor Energy $250.0 7.000% Senior Notes B3 / B+ 8 NC3 100.000% 7.000% 6.50-6.75% Refi Nat Res cs/wfs/ca/mus/usb/rbs (books)8/6 Mohegan Tribal Gaming $500.0 9.750% Senior Notes Caa1 / CCC 8 NC3 100.000% 9.750% 9.750% Bond Refi Gaming/Leisure cs/rbs/gs/ca/strh/jeff (books)8/6 PHH Corporation $350.0 6.375% Senior Notes Ba2 / BB- 8 NC4 100.000% 6.375% 6.375% Bond Refi Financial jpm/rbs/baml/barc/citi/db/rbc/wfs (books)8/7 BMC Software $1,625.0 8.125% Senior Notes Caa1 / B- 8 NC3 100.000% 8.125% 8-8.25% LBO Technology cs/rbc/barc/db/gs/citi/jeff/miz (books)8/7 DreamWorks Animation $300.0 6.875% Senior Notes Ba3 / B 7 NC3 100.000% 6.875% 7.000% Bank Refi Media baml/jpm/wfs/strh (books)8/7 MISA Investments Lts (Viking Cruises) $173.3 8.625% Senior PIK Toggle Notes B3 / B- 5 NC1 99.000% 8.875% 8.625% at 99 px Dividend Gaming/Leisure wfs/cs/baml (books)8/7 Southern States Cooperative Inc $126.1 10.000% Senior Notes (2nd Lien) B2 / B 8 NC4 97.000% 10.565% 10.250% 0 Consumer bmo (sole)8/7 William Carter $400.0 5.250% Senior Notes Ba2 / BB+ 8 NC4 100.000% 5.250% 5.25-5.5% Repurch Stock Consumer baml/jpm (books)8/8 Halcon Resources $400.0 9.250% Senior Notes Caa1 / CCC+ 8.5 NC4 100.000% 9.250% 9.250% Bank Refi Nat Res bmo/barc/jpm/wfs (books)8/8 Iron Mountain $600.0 6.000% Senior Notes Ba1 / BB- 10 NC5 100.000% 6.000% 5.75-6% Bond Refi Consumer wfs/baml/jpm/ca/hsbc/ms/rbs (books)8/8 Iron Mountain $193.6 6.125% Senior Notes (CAD) Ba1 / BB- 8 NC4 100.000% 6.125% 6-6.25% Bond Refi Consumer scotia/baml/jpm/barc/td (books)8/8 Live Nation Entertainment $209.0 7.000% Senior Notes B3 / B+ 7 NC3 104.500% 5.954% 104-105 px Refi Consumer jpm/baml/scotia/gs/hsbc/ms/rbs/wfs (books)8/8 Multi Packaging Solutions $200.0 8.500% Senior Notes Caa1 / CCC+ 8 NC3 100.000% 8.500% 8.5-8.75 LBO Industrial baml/barc/citi/ubs8/9 Denver Parent Corp (Venoco) $248.1 12.250% Senior PIK Toggle Notes Caa3 / CCC 5 NC2 97.304% 13.000% 13.000% Bond Refi Financial citi/baml (books)8/9 Murphy Oil $500.0 6.000% Senior Notes Ba3 / BB 10 NC5 100.000% 6.000% 6-6.25% Dividend Nat Res jpm/stephens (books)

8/12 Boise Cascade $51.8 6.375% Senior Notes B2 / B+ 7 NC2 103.500% 5.589% 103.50 px GCP Consumer wfs/baml/jpm/usb (books)8/12 R.R. Donelley & Sons $400.0 7.000% Senior Notes Ba3 / BB 8.5 NCL 100.000% 7.000% 7-7.25% Bank Refi Consumer baml/citi/jpm/usb (books)8/12 TW Telecom Holdings $350.0 6.375% Senior Notes B1 / B+ 10 NC5 100.000% 6.375% 6.375% Bond Refi Technology cs/ms/wfs (books)8/12 TW Telecom Holdings $433.1 5.375% Senior Notes B1 / B+ 9 NC4 96.250% 5.913% 96-96.5 px Bond Refi Technology cs/ms/wfs (books)8/12 Windstream $517.5 7.750% Senior Notes B1 / B 8 NC3 103.500% 7.170% 103.5 px Bond Refi Telecom gs/jpm/bnp/citi/rbc/rbs (books)8/14 Access Midstream Partners $406.0 5.875% Senior Notes Ba3 / BB 7.75 NC1.75 101.500% 5.503% 101.5 px GCP Nat Res barc/bbva/citi/rbs/wfs8/14 Cogent Communications $70.9 8.375% Senior Sec Notes B2 / B+ 4.5 NC1.5 109.000% 6.055% 0.000% GCP Telecom db/citi/jeff/ms (books)8/14 DS Services $340.7 10.000% Senior Sec Notes (2nd Lien) B3 / B- 8 NC4 97.337% 10.500% 10-10.5% LBO Consumer cs/barc/jeff/bmo (books)8/14 Flexi-Van Leasing $15.0 7.875% Senior Notes B3 / BB- 5 NC2.5 100.000% 7.875% 0.000% Dividend Financial baml (sole)8/14 NuStar Logisitics $300.0 6.750% Senior Notes Ba1 / BB+ 7.5 NCL 100.000% 6.750% 6.5-6.75% GCP Nat Res jpm/miz/strh (books)8/14 T-Mobile USA $500.0 5.252% Senior Notes Ba3 / BB 5 NC2 100.000% 5.250% 5.375% GCP Telecom db (sole)8/15 ACI Worldwide $300.0 6.375% Senior Notes B2 / BB- 7 NC3 100.000% 6.375% 6.25-6.5% Bank Refi Technology wfs/baml (books)8/15 Medical Properties Trust $153.0 6.375% Senior Notes Ba1 / BB 8.5 NC3.5 102.000% 5.998% 102-103 px Corp M&A Healthcare jpm/baml (books)8/15 Shingle Springs $260.0 9.750% Senior Notes B3 / CCC+ 8 NC4 100.000% 9.750% 9.750% Refi Gaming/Leisure baml (sole)8/16 Foresight Energy $595.7 7.875% Senior Notes Caa1 / CCC+ 8 NC3 99.276% 8.000% 8.000% Dividend Nat Res ms/citi/barc/db/gs/jpm/ubs (books)9/4 Ally Financial $743.4 4.750% Senior Notes B1 / B+ 5 NCL 99.123% 4.950% 4.95-5% Refi Financial baml/citi/db/rbc (books)9/4 Regency Energy Partners $400.0 5.750% Senior Notes B1 / BB 7 NCL 100.000% 5.750% 5.625% Bank Refi Nat Res rbs/bbva/comer/db/ms/nat/rbc/scotia (books)9/4 Silgan Holdings Inc $300.0 5.500% Senior Notes Ba2 / BB- 8.42 NC4 100.000% 5.500% 5.500% Bank Refi Industrial baml/wfs/citi/gs/db (books)9/4 Sprint Corp $2,250.0 7.250% Senior Notes B1 / BB- 8 NCL 100.000% 7.250% 7.250% GCP Telecom jpm/db/baml/citi/ca/cs/gs/rbs (books)9/4 Sprint Corp $4,250.0 7.875% Senior Notes B1 / BB- 10 NCL 100.000% 7.875% 7.875% GCP Telecom jpm/db/baml/citi/ca/cs/gs/rbs (books)9/6 EDP Finance BDV $981.1 4.875% Senior Notes (EUR) Ba1 / BB+ 7 NCL 99.276% 5.000% 5.0-5.125% GCP Power besi/bpi/citi/ing/mbcp/rbs/santander/sgicb (books)9/9 Whiting Petroleum $1,100.0 5.000% Senior Notes Ba2 / BB+ 5.5 NCL 100.000% 5.000% 5.000% Refi Nat Res wfs/jpm/baml (books)9/9 Whiting Petroleum $800.0 5.750% Senior Notes Ba2 / BB+ 7.5 NCL 100.000% 5.750% 5.750% Refi Nat Res wfs/jpm/baml (books)

9/10 NXP $500.0 3.500% Senior Notes B3 / B+ 3 NCL 100.000% 3.500% 3.500% Bond Refi Technology barc/baml/gs/kkr (books)9/10 Oasis Petroleum $1,000.0 6.875% Senior Notes B3 / B 8.5 NC4 100.000% 6.875% 6.75-7.00% GCP Nat Res wfs/citi/jpm/rbc (books)9/10 Peugeot SA $790.7 6.500% Senior Notes (EUR) B1 / B+ 5.5 NCL 99.366% 6.625% 0.000% GCP Industrial bnpp/ca/hsbc/nat/sg (books)9/11 Ancestry.com Holdings $297.0 9.625% Senior PIK Toggle Notes Caa1 / CCC+ 5 NC2 99.000% 9.875% 9.75-10% Dividend Technology ms/cs/db/gs/rbc (books)9/11 K. Hovnanian Enterprised Inc $41.6 6.250% Senior Notes Caa2 / CCC 3.5 NCL 100.000% 6.250% 0.000% Bond Refi Real Estate cs (sole)9/11 Polish Television Holding BV $399.0 11.000% Senior PIK Toggle Notes (EUR) NR / B- 7 NC3 100.000% 11.000% 11-11.25% Bond Refi Media jpm/db/nom (books)9/11 Renault $794.8 3.625% Senior Notes Ba1 / BB+ 5 NCL 99.587% 3.717% 0.000% GCP Industrial bbva/bnpp/miz/nat (books)9/12 Activision Blizzard $750.0 6.125% Senior Notes Ba2 / BB+ 10 NC5 100.000% 6.125% 6.25-6.5% Repurch Stock Technology jpm/baml (books)9/12 Activision Blizzard $1,500.0 5.625% Senior Notes Ba2 / BB+ 8 NC3 100.000% 5.625% 5.75-6% Repurch Stock Technology jpm/baml (books)9/12 Commerzbank AG $1,000.0 8.125% Senior Sub Notes Ba2 / B+ 10 NCL 100.000% 8.125% 8.250% GCP Financial baml/cmzb/barc/cs/jpm (books)9/12 Diamondback Energy $450.0 7.625% Senior Notes Caa1 / CCC+ 8 NC3 100.000% 7.625% 7.5-7.75% Corp M&A Nat Res cs/wfs (books)9/12 DuPont Fabros Technology $600.0 5.870% Senior Notes Ba1 / BB 8 NC3 100.000% 5.870% 6.000% Bond Refi Technology gs/rbc/strh/cs/key (books)9/13 Building Materials Holding Corp $248.8 9.000% Senior Sec Notes Caa1 / B- 5 NC2 99.511% 9.125% 9.000% Bank Refi Industrial jpm/moelis (books)9/13 JBS USA $497.5 7.250% Senior Notes Ba3 / BB 7.75 NC1.75 99.500% 7.330% 99-100 px Bond Refi Consumer jpm/baml/wfs/rbc/cs (books)9/13 Natural Resource Partners LP $297.0 9.125% Senior Notes B3 / B 5 NC2.5 99.007% 9.375% 9.500% Bank Refi Nat Res citi/wfs (books)9/13 Pinnacle Operating Corp $300.0 9.000% Senior Sec Notes (2nd Lien) Caa1 / CCC+ 7 NC3 100.000% 9.000% 9-9.25% Refi Healthcare cs/bmo/citi/apollo (books)9/13 Sanchez Energy $144.8 7.750% Senior Notes Caa1 / CCC+ 7.75 NC3.75 96.500% 8.370% 96-96.5 px Corp M&A Nat Res rbc/cs (books)9/13 Tenet Healthcare Corp $2,800.0 8.125% Senior Notes B3 / CCC+ 8.5 NCL 100.000% 8.125% 8-8.25% Corp M&A Healthcare baml/barc/citi/wfs (books)9/13 Tenet Healthcare Corp $1,800.0 6.000% Senior Sec Notes Ba3 / B+ 7 NCL 100.000% 6.000% 6-6.25% Corp M&A Healthcare baml/barc/citi/wfs (books)9/17 American Capital Ltd $350.0 6.500% Senior Notes B3 / B+ 5 NC2 100.000% 6.500% 6.25-6.5% GCP Financial jpm/baml/bmo/citi/cs/gs/ubs9/17 BI-LO Holding Finance $470.3 8.625% Senior PIK Toggle Notes Caa1 / CCC+ 5 NC1 99.000% 8.875% 8.75-9% Dividend Retail db/citi (books)9/17 Hercules Offshore $300.0 7.500% Senior Notes B3 / B 8 NC3 100.000% 7.500% 7.5-7.625% Bond Refi Nat Res db/ubs/cs/gs/cosc (books)9/17 Hub International $950.0 7.875% Senior Notes Caa2 / CCC+ 8 NC3 100.000% 7.875% 7.75-8% LBO Financial baml/ms/rbc/macquarie/bmo/ubs (books)9/17 Nexstar Broadcasting $275.7 6.875% Senior Notes (add-on) Caa1 / B 7 NC2 100.250% 6.814% 100-100.5 px GCP Media cs/wfs/rbc/baml/barc/strz (books)9/17 Springleaf Finance $150.0 7.750% Senior Notes Caa1 / CCC+ 8 NCL 100.000% 7.750% 7.750% GCP Financial baml/citi/cs (books)9/17 Springleaf Finance $100.0 8.250% Senior Notes Caa1 / CCC+ 10 NCL 100.000% 8.250% 8.250% GCP Financial baml/citi/cs (books)9/18 Phones 4u Finance PLC $324.1 10.000% Senior PIK Toggle Notes (GBP)Caa2 / CCC+ 5.5 NC1.5 99.000% 10.250% 10.25-10.5% Dividend Technology gs/lloyds (books)9/18 PRA Holdings $375.0 9.500% Senior Notes Caa1 / NR 10 NC5 100.000% 9.500% 9.25-9.5% LBO Healthcare cs/jeff/ubs/kkr/citi (books)9/18 Prospect Mortgage $145.7 10.250% Senior Notes B2 / B+ 5 NC2.5 97.162% 11.000% 11.000% GCP Financial cs/baml (books)9/19 Air Canada $300.0 8.750% Senior Sec Notes (2nd Lien) Caa2 / CCC+ 6.5 NC3.5 100.000% 8.750% 8.75-9% Bond Refi Industrial jpm/citi/sc/ms/td (books)9/19 Air Canada $400.0 6.750% Senior Sec Notes (1st Lien) B2 / B+ 6 NC3 100.000% 6.750% 6.75-7% Bond Refi Industrial jpm/citi/cs/ms/td (books)


17



YTD High Yield Transactions

Date Issuer Proceeds Coupon Security Ratings Structure Price Yield Price Talk UOP Industry Underwriters8/7 DreamWorks Animation $300.0 6.875% Senior Notes Ba3 / B 7 NC3 100.000% 6.875% 7.000% Bank Refi Media baml/jpm/wfs/strh (books)

9/19 Air Canada $293.5 7.625% Senior Sec Notes (1st Lien) (CAD)B2 / B+ 6 NC3 100.000% 7.625% 7.5-7.75% Bond Refi Industrial td/citi/cs/jpm/ms (books) 9/19 GEO Group $250.0 5.875% Senior Notes B1 / B+ 8.3 NC4 100.000% 5.875% 5.75-5.875% Bond Refi Real Estate wfs/strh/baml/barc/jpm/bnpp (books)9/19 GEO Group $250.0 5.875% Senior Notes B1 / B+ 8.3 NC4 100.000% 5.875% 5.75-5.875% Bond Refi Real Estate wfs/strh/baml/barc/jpm/bnpp (books)9/19 Sirius XM Radio $650.0 5.875% Senior Notes B1 / BB 7 NC3 100.000% 5.875% 6.000% Bond Refi Media jpm/db/ms/baml/barc/c/rbc (books)9/19 Sirius XM Radio $650.0 5.875% Senior Notes B1 / BB 7 NC3 100.000% 5.875% 6.000% Bond Refi Media jpm/db/ms/baml/barc/c/rbc (books)9/19 Walter Energy $447.4 9.500% Senior Sec Notes B3 / B 6 NC3 99.425% 9.625% 9.5-9.75% Bank Refi Nat Res ms/bmo/barc/baml/citi/ca/gs/jpm/scotia (books)9/19 Walter Energy $447.4 9.500% Senior Sec Notes B3 / B 6 NC3 99.425% 9.625% 9.5-9.75% Bank Refi Nat Res ms/bmo/barc/baml/citi/ca/gs/jpm/scotia (books)9/20 Boart Longyear $300.0 10.000% Senior Sec Notes B1 / BB- 5 NCL 100.000% 10.000% 10.000% Bank Refi Nat Res jpm/baml/gs (books)9/20 Boart Longyear $300.0 10.000% Senior Sec Notes B1 / BB- 5 NCL 100.000% 10.000% 10.000% Bank Refi Nat Res jpm/baml/gs (books)9/20 Hapag-Loyd AG $338.2 7.750% Senior Notes Caa2 / B- 5 NC2 100.000% 7.750% 7.75-8% GCP Transportation db/cti/jpm (books)9/20 Hapag-Loyd AG $338.2 7.750% Senior Notes Caa2 / B- 5 NC2 100.000% 7.750% 7.75-8% GCP Transportation db/cti/jpm (books)9/20 Hilton Worldwide $1,500.0 5.625% Senior Notes B3 / B 8 NC3 100.000% 5.625% 5.750% Refi Gaming/Leisure baml/db/gs/ms/jpm/wfs (books)9/20 Hilton Worldwide $1,500.0 5.625% Senior Notes B3 / B 8 NC3 100.000% 5.625% 5.750% Refi Gaming/Leisure baml/db/gs/ms/jpm/wfs (books)9/20 Jerrold Finco plc $320.6 9.750% Senior Sec Notes (GBP) NR / B+ 5 NC3 100.000% 9.750% 9.875% Bank Refi Financial rbs/jeff/lloyds (books)9/20 Jerrold Finco plc $320.6 9.750% Senior Sec Notes (GBP) NR / B+ 5 NC3 100.000% 9.750% 9.875% Bank Refi Financial rbs/jeff/lloyds (books)9/20 Lafarge SA $1,010.1 4.750% Senior Notes Ba1 / BB+ 7 NCL 99.546% 4.828% 0.000% GCP Industrial hsbc/ing/musi/nat/rbs/sant/bbva/commerz/uni (books)9/20 Lafarge SA $1,010.1 4.750% Senior Notes Ba1 / BB+ 7 NCL 99.546% 4.828% 0.000% GCP Industrial hsbc/ing/musi/nat/rbs/sant/bbva/commerz/uni (books)9/20 Nielsen Co $625.0 5.500% Senior Notes B2 / BB 8 NC3 100.000% 5.500% 5.5-5.75% Bond Refi Media jpm/citi/gs/wfs (books)9/20 Nielsen Co $625.0 5.500% Senior Notes B2 / BB 8 NC3 100.000% 5.500% 5.5-5.75% Bond Refi Media jpm/citi/gs/wfs (books)9/20 Seadrill $500.0 6.125% Senior Notes NR / NR 7 NCL 100.000% 6.125% 6.125% Refi Nat Res db (sole)9/20 Seadrill $500.0 6.125% Senior Notes / 7 NCL 100.000% 6.125% 6.125% Refi Nat Res db (sole)9/20 Soho House Bond Ltd $168.3 9.250% Senior Sec Notes (GBP) Caa1 / B- 5 NC2 100.000% 9.250% 9.250% Refi Gaming/Leisure Imperial (sole)9/20 Soho House Bond Ltd $168.3 9.250% Senior Sec Notes (GBP) Caa1 / B- 5 NC2 100.000% 9.250% 9.250% Refi Gaming/Leisure Imperial (sole)9/23 Dell $1,500.0 5.625% Senior Sec Notes (1st Lien) Ba2 / BB+ 7 NC3 100.000% 5.625% 5.5-5.75% LBO Technology cs/barc/baml/rbc/ubs (books)9/23 Energy XXI Gulf Coast $500.0 7.500% Senior Notes B3 / B+ 8 NC3 100.000% 7.500% 7.500% Bank Refi Nat Res citi/rbs/wfs/barc/cs/ubs (books)9/23 Ultrapetrol $26.1 8.875% Senior Sec Notes (1st Lien) (Add-On)B3 / B- 7.75 NC2.75 104.500% 7.875% 0.000% GCP Transportation baml/jeff (books)9/23 Whiting Petroleum Corp $404.0 5.750% Senior Notes (Add-On) Ba2 / BB+ 7.5 NCL 101.000% 5.580% 101-101.25 px GCP Nat Res wfs/jpm/baml (books)9/24 Abengoa Finance SAU $337.7 8.875% Senior Notes (EUR) B2 / B 4.5 NCL 100.250% 8.799% 100.25-100.75 px Refi Energy citi/ms (books)9/24 CPG International $315.0 8.000% Senior Notes Caa2 / CCC+ 8 NC3 100.000% 8.000% 8-8.25% LBO Industrial jpm/barc/db/citi/rbs/ubs (books)9/24 General Motors $1,500.0 6.250% Senior Notes Ba1 / BB+ 30 NCL 100.000% 6.250% 0.000% GCP Industrial baml/citi/jpm/ms/bnpp/rbs/ubs (books)9/24 General Motors $1,500.0 4.875% Senior Notes Ba1 / BB+ 10 NCL 100.000% 4.875% 4.875% GCP Industrial baml/citi/jpm/ms/bnpp/rbs/ubs (books)9/24 General Motors $1,500.0 3.500% Senior Notes Ba1 / BB+ 5 NCL 100.000% 3.500% 3.500% GCP Industrial baml/citi/jpm/ms/bnpp/rbs/ubs (books)9/24 Nationstar Mortgage LLC $225.0 6.500% Senior Notes (Add-On) B2 / B+ 5 NC2 100.000% 6.500% 100 px GCP Financial cs (sole)9/24 The ADT Corp $1,000.0 6.250% Senior Notes Ba2 / BB- 8 NCL 100.000% 6.250% 6.250% Repurch Stock Consumer gs/citi/db/jpm (books)9/25 Beazer Homes Inc $197.1 7.500% Senior Notes Caa2 / CCC 8 NC3 98.541% 7.750% 7.625-7.75% GCP Real Estate cs (sole)9/25 Plastipak $375.0 6.500% Senior Notes Caa1 / B+ 8 NC3 100.000% 6.500% 6.25-6.5% Bond Refi Industrial jpm/wfs/rbs/baml (books)9/25 SNF Floerger $250.0 6.000% Senior Notes Ba3 / BB+ 8.3 NC4 100.000% 6.000% 6-6.25% Bank Refi Chemicals baml/bnpp (books)9/25 Veneto Banca Scpa $403.2 4.250% Senior Sec Notes (EUR) NR / NR 3 NCL 99.752% 4.375% 0.000% GCP Financial imi/db/nat/nomura (books)9/26 Artesyn Technologies $250.0 9.750% Senior Secured Notes B3 / B 7 NC3 100.000% 9.750% 9.5-9.75% LBO Technology baml/gs (books)9/26 Avanti Communications $370.0 10.000% Senior Sec Notes Caa1 / B 6 NC5 100.000% 10.000% 10-10.25% Refi Telecom jeff/ubs/barc (books)9/26 Clayton Williams Energy $250.0 7.750% Senior Notes (Add-On) B3 / B- 5.5 NC1.5 100.000% 7.750% 100 px Bank Refi Nat Res rbs/jpm/mus/wfs (books)9/26 Gannett Co $644.1 6.375% Senior Notes Ba1 / BB 10 NC5 99.086% 6.500% 6.500% Corp M&A Media jpm/citi/barc/mus/mizu/strh/usb (books)9/26 Gannett Co $592.3 5.125% Senior Notes Ba1 / BB 6 NC3 98.724% 5.375% 5.375% Corp M&A Media jpm/citi/barc/mus/mizu/strh/usb (books)9/26 Medical Properties Trust $270.5 5.750% Senior Notes (EUR) Ba1 / BB 7 NC3 100.000% 5.750% 5.750% GCP Healthcare baml/db/jpm (books)9/26 MEG Energy Corp $800.0 7.000% Senior Notes B1 / BB 10.5 NC5 100.000% 7.000% 6.875% GCP Nat Res barc/bmo/cs (books)9/26 Sinclair $350.0 6.375% Senior Notes B1 / B- 8 NC3 100.000% 6.375% 6.375-6.5% Bond Refi Media db/jpm/strh (books)9/26 Titan International $400.0 6.875% Senior Secured Notes B1 / B+ 7 NC3 100.000% 6.875% 6.875% GCP Industrial gs/jeff (books)9/27 Allegion US Holding $300.0 5.750% Senior Notes Ba2 / BB+ 8 NC3 100.000% 5.750% 5.750% Dividend Consumer gs/jpm/bnpp/baml/citi/cs (books)9/27 Caesars Entertainment Corp $1,150.0 11.000% Senior Sec Notes (2nd Lien) Caa2 / CCC+ 8 NC3 100.000% 11.000% 10.25-10.5% Bank Refi Gaming/Leisure citi/baml/cs/db/jpm/gs/mqb/ms/ubs (books)9/27 Caesars Entertainment Corp $1,000.0 8.000% Senior Sec Notes (1st Lien) B2 / B 7 NC3 100.000% 8.000% 7.25-7.5% Bank Refi Gaming/Leisure citi/baml/cs/db/jpm/gs/mqb/ms/ubs (books)9/27 Forum Energy Technologies $300.0 6.250% Senior Notes Ba3 / BB 8 NC3 100.000% 6.250% 6.375% Bank Refi Nat Res jpm/wfs/baml/citi/db (books)9/27 Howard Hughes Corp $750.0 6.875% Senior Notes Ba3 / B 8 NC3 100.000% 6.875% 6.750% GCP Real Estate cs (sole)10/1 Emma Delta $199.2 12.000% Senior Sec Notes (2nd Lien) (EUR)NR / NR 4 NCL 98.200% 12.577% 12.000% GCP Finance jeff (books)10/1 Emma Delta $338.2 8.500% Senior Sec Notes (1st Lien) (EUR)NR / NR 4 NC0 100.000% 8.500% 8.500% GCP Finance jeff (books)10/1 Stackpole International $360.0 7.750% Senior Sec Notes (1st Lien) B2 / B+ 8 NC3 100.000% 7.750% 7.75-8% LBO Industrial ms/nom/rbc/ubs (books)10/3 Calfrac Holdings LP $149.4 7.500% Senior Notes B1 / B+ 7.25 NC2.25 99.625% 7.566% 99.5 px Bank Refi Nat Res rbc/ms (books)10/3 CNH Capital $500.0 3.250% Senior Notes Ba1 / BB- 3 NCL 100.000% 3.250% 3.25-.3375% GCP Industrial baml/citi/ca/ms (books)10/4 TMS International Corp $275.0 7.620% Senior Notes B3 / B- 8 NC3 100.000% 7.620% 7.750% LBO Industrial gs/jpm (books)10/7 Memorial Production $291.0 7.625% Senior Notes Caa1 / B- 7.5 NC3.5 97.000% 8.163% 97 px Industial Nat Res wfs/baml/barc/citi/jpm/rbc/rbs (books)10/7 Michael Baker $350.0 8.250% Senior Sec Notes B2 / B+ 5 NC2.5 100.000% 8.250% 8.25-8.5% Corp M&A Industrials jeff (sole)10/8 Oberthur Technologies $258.0 9.250% Senior Notes (EUR) Caa1 / CCC 6.5 NC3 100.000% 9.250% 9.25-9.5% Bank Refi Technology gs/jpm/lloyds/barc/hsbc/socg (books)10/8 T-Mobile USA $1,275.0 6.464% Senior Notes Ba3 / BB 5.5 NC1.5 102.000% 6.033% 103 px Other Telecom db/citi/cs/gs/jpm/ms (books)10/8 T-Mobile USA $1,250.0 6.542% Senior Notes Ba3 / BB 6.5 NC2.5 100.000% 6.542% 101 px Other Telecom db/citi/cs/gs/jpm/ms (books)10/8 T-Mobile USA $1,250.0 6.633% Senior Notes Ba3 / BB 7.5 NC3.5 100.000% 6.633% 100 px Other Telecom db/citi/cs/gs/jpm/ms (books)10/8 T-Mobile USA $1,237.5 6.731% Senior Notes Ba3 / BB 8.5 NC3.5 99.000% 6.887% 99 px Other Telecom db/citi/cs/gs/jpm/ms (books)10/8 T-Mobile USA $588.0 6.836% Senior Notes Ba3 / BB 9.5 NC4.5 98.000% 7.128% 98 px Other Telecom db/citi/cs/gs/jpm/ms (books)10/9 Hapag-Lloyd AG $207.2 7.750% Senior Notes Caa1 / B- 5 NC2 101.750% 7.326% 101.5-102 px Bond Refi Transportation db/citi/jpm (books)10/9 Millicom Intl Cellular $800.0 6.625% Senior Notes Ba2 / NR 8 NC4 100.000% 6.625% 6.875% Corp M&A Telecom bnpp/citi/jpm (books)

10/10 Aviv Healthcare $250.0 6.000% Senior Notes Ba3 / BB 8 NC4 100.000% 6.000% 6-6.25% Bank Refi Healthcare baml/ms/gs/citi10/10 L Brands Inc $500.0 5.625% Senior Notes Ba1 / BB+ 10 NCL 100.000% 5.625% 5.625% Bond Refi Retail baml/citi/jpm (books)10/10 NGL Energy Partners LP/NGL Finance Corp $450.0 6.875% Senior Notes B2 / BB- 8 NC3 100.000% 6.875% 6.625% Bank Refi Nat Res rbc/rbs/db/pnc/baml/ubs/strh (books)10/10 REN Financedes $540.0 4.750% Senior Notes Ba1 / BB+ 7 NCL 99.850% 4.776% 0.000% GCP Power caixa/ing/jpm/rbc/sgcib (books)10/10 Wynn Macau Ltd $600.0 5.250% Senior Notes Ba2 / BB 8 NC3 100.000% 5.250% 5.125-5.25% GCP Gaming/Leisure jpm/db/boci/bnpp/dbs/icbc/scotia (books)10/10 Xella Holdco Finance $270.4 9.125% Senior PIK Notes (EUR) B2 / B- 5 NC1.5 100.000% 9.125% 9.250% GCP Industrial ms/gs/bnpp/uni/ca (books)

YTD Totals for 2013 $340,672 YTD Tranches 705


Totals for 2012 $385,927 Tranches 822


Totals for 2011 $282,214 Tranches 621


18


Sector Market Performance

Broader Market Performance

Equity Market Drivers Market Performance and Economics Forecast

Equity Mutual Fund Flows

Weekly S&P Sector Performance

0.8% 1.1%

-0.4% -0.4%

1.7% 0.7% 1.3%

0.0%

1.3% 0.6%

0.0%

1.2%2.6%

19.4%

16.3%

25.6%28.0%

15.8% 15.2%

23.7%

28.1%

23.1%

13.1% 12.9%

3.5%

9.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

S&

P 5

00

Dow

NA

SD

AQ

Co

nsu

me

r D

iscre

tio

na

ry

Con

su

me

r S

tap

les

En

erg

y

Fin

an

cia

ls

Hea

lth

ca

re

Ind

ustr

ials

Info

rma

tio

n T

ech

no

log

y

Ma

teri

als

Te

leco

m

Utilit

ies

% Weekly Change % YTD Change

Positive Drivers

MBA mortgage applications increased by 1.3% after a 0.4% decrease the previous

week, as lower rates boosted home purchases and refinancing activity

Perceptions of improvements in U.S. debt ceiling negotiations as talks between

senators Reid and McConnell have shown positive signs for an end to the impasse

Negative Drivers

Initial Jobless Claims increased to 374k, above estimates of 311k and following the

previous week’s 308k reading, reflecting issues in California and a partial government

shutdown. Continuing Claims decreased to 2,905k, above estimates of 2,863k and

following the previous week’s 2,921k reading

Consumer confidence, as measured by the University of Michigan’s Confidence

Index, decreased to 75.2 in October, a nine-month low, compared to estimates of 75.3

and below Augusts' reading of 77.5

U.S. indices finished mixed last week, with the S&P 500 and the Dow Jones up 0.8% and

1.1% respectively and the NASDAQ down 0.4% % Change

Index 12/31/2012 10/11/2013 YTD 30-Day 7-Day

S&P 500 1426.19 1,703.2 19.4% 0.8% 0.8%

Dow Jones 13104.14 15,237.1 16.3% -0.6% 1.1%

NASDAQ 3019.51 3,791.9 25.6% 1.8% -0.4%

Russell 2000 849.35 1,084.3 27.7% 2.7% 0.6%

Other Relevant Prices/Indices

Oil (WTI) 91.82 $102.02 11.1% -5.2% -1.8%

VIX Volatility 18.02 15.7 -12.8% 13.7% -6.1%

CRB Commodity 554.62 517.9 -6.6% -1.2% 0.0%

MS Cyclical 1047.049 1,324.1 26.5% 1.0% 0.2%

Total equity fund flows (including ETFs) were a negative $6,098.5mm last week, with domestic funds reporting net outflows of -$1,576.1mm and international funds reporting net inflows of $2,529.8mm. Excluding ETF activity,

equity funds reported -$142.5mm of outflows last week. Total net inflows for 2013 YTD are $151.2bn.

-$15,000

-$10,000

-$5,000

$0

$5,000

$10,000

$15,000

$20,000

10/19/12 2/15/13 6/14/13 10/11/13

Equity Fund Flows (mm) 4-Wk. Moving Avg.

2012 / 2013 By Quarter 2012 2013E

Indicators 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13E

Real GDP Growth 0.1% 1.1% 2.5% 2.0% 2.0% 2.8% 1.6%

Unemployment 7.8% 7.7% 7.5% 7.3% 7.1% 8.1% 7.4%

Consumer Prices 1.9% 1.7% 1.4% 1.6% 1.4% 2.1% 1.5%

Core CPI 1.9% 1.9% 1.7% 1.8% 1.9% 2.1% 1.8%

Fed Funds Target 0-0.25% 0-0.25% 0-0.25% 0-0.25% 0-0.25%

Equity Capital Markets Update

19


$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

$6,500

$7,000

$7,500

$8,000

$8,500

$9,000

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

$13,000

Consumer Retail Finance Healthcare Industrial Media & Telecom Nat. Res. Power Real Estate Technology

2013 YTD Sponsors Volume 2012 Comparable Period Sponsors Volume

`

90%

95%

100%

105%

110%

115%

120%

125%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

IPO Volume ($MM) Follow-on Volume ($MM) Dow Jones NASDAQ S&P 500

Jul AugFebJan OctNov Dec Mar Apr May Jun Sep

Financial Sponsors Issuance and Market Performance

Sponsor Issuance By Sector

Recent Financial Sponsor New Issue Activity

Financial Sponsors Equity Issuance Trends

Sponsor 2013 vs. 2012

Sponsor Volume Comparison

Base Size Price vs. Deal Size % File / Offer Performance

Date Issuer ($mm) Range Change Secondary Discount 1-Day Current Financial Sponsor

IPOs:

10/9/2013 Antero Resources Corp $1,571.9 Above Upsized 0.0% - 18.2% 21.1% Yorktown Partners LLC; Warburg Pincus LLC; Trilantic Capital Partners

10/9/2013 MacroGenics Inc $80.0 Within Upsized 0.0% - 56.2% 63.1% TPG Capital LP

10/8/2013 QTS Realty Trust Inc $257.3 Below - 0.0% - 0.0% 3.8% General Atlantic LLC

Follow-ons:

10/10/2013 Buckeye Partners LP $469.6 - Upsized 0.0% (2.7%) 5.3% 5.3% First Reserve Corp

10/9/2013 Cumulus Media Inc $82.0 - Upsized 0.0% (6.9%) 5.8% 8.0% Crestview Partners LLC

IPO Filings:

10/7/2013 Norcraft Companies Inc $100.0 - - - - - - Trimaran Capital Partners; Apax Partners LLP

10/7/2013 Tandem Diabetes Care Inc $100.0 - - - - - - TPG Capital LP

Withdrawn / Postponed:

None

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

$28,000

$32,000

$36,000

$40,000

$44,000

IPOs Vol. Follow-ons Vol.

2013 YTD 2012 Comparable Period

2013 YTD 2012 Comparable Period % Y-O-Y

Volume # Deals Volume # Deals $ Volume Deals

IPOs $13,010.9 29 $4,680.2 20 178.0% 45.0%

Follow-ons $42,903.5 103 $17,872.7 39 140.1% 164.1%

Total $55,914.4 132 $22,552.9 59 147.9% 123.7%


20


0%

20%

40%

60%

80%

100%

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Below Within Above

0%

20%

40%

60%

80%

100%


Below Within Above

0%

20%

40%

60%

80%

100%

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000


Non-Sponsor IPO Volume ($MM)

Sponsor IPO Volume ($MM)

% Sponsor

Sponsor vs. Non-Sponsor IPO Pricing Dynamics

Sponsor IPOs Pricing

___________________________ Note: Barclays Bookrun deals shaded; Barclays Co-Managed deals bolded.

# Spons:

# Non-Spons: 3

19

NA

5

8

0

8

3

2

3

9

1

7

4

7

5

8

2

27

3

15

1

20

Recent Financial Sponsors IPOs

3

12

Financial Sponsors IPO Issuance

Non-Sponsor IPOs Pricing

Pricing Date Issuer Financial Sponsor Industry

Base Size

$Millions

Deal Size

Change

%

Secondary

Size as % of

Mkt. Cap

Market Cap

$Millions

Pricing

Relative to

Range

Pricing + 1

Day

Pricing +

Current

10/09/13 Antero Resources CorpYorktown Partners LLC; Warburg Pincus

LLC; Trilantic Capital PartnersNat. Res. $1,571.9 Upsized 0.0% 13.7% $11,444.4 Above 18.2% 21.1%

10/09/13 MacroGenics Inc TPG Capital LP Healthcare $80.0 Upsized 0.0% 20.8% $384.3 Within 56.2% 63.1%

10/08/13 QTS Realty Trust Inc General Atlantic LLC REIT $257.3 - 0.0% 45.1% $569.8 Below 0.0% 3.8%

10/03/13 Potbelly CorpOak Investment Partners LP; American

Securities LLCConsumer Retail $105.0 - 2.0% 26.8% $392.0 Above 119.8% 98.6%

10/01/13 Burlington Stores Inc Bain Capital Partners LLC Consumer Retail $226.7 - 0.0% 18.6% $1,217.8 Above 47.1% 56.9%

09/26/13 Pattern Energy Group Inc Riverstone Holdings LLC Power $352.0 - 0.0% 31.3% $1,123.8 Above 5.8% 3.2%

09/17/13 Benefitfocus IncGoldman Sachs Capital Partners;

Oak Investment Partners LPTechnology $130.8 Upsized 54.3% 20.3% $644.3 Above 102.1% 58.0%

09/17/13 Five Prime Therapeutics Inc TPG Capital LP Healthcare $62.4 Upsized 0.0% 30.0% $208.2 Within 0.6% 1.5%

08/13/13 Envision Healthcare Holdings Inc Clayton Dubilier & Rice Inc Healthcare $966.0 Upsized 0.0% 24.1% $4,003.9 Within 9.3% 25.4%

08/08/13 Stock Building Supply Holdings Inc Gores Group LLC Industrial $98.0 Downsized 37.0% 26.9% $364.9 Below 3.1% 0.4%

08/01/13 Athlon Energy Inc Apollo Global Management LLC Nat. Res. $315.8 - 0.0% 19.2% $1,642.5 Within 37.8% 60.7%

07/31/13 Sprouts Farmers Markets Inc Apollo Global Management LLC Consumer Retail $333.0 - 4.3% 12.9% $2,585.9 Above 122.8% 156.7%

06/26/13 CDW CorpMadison Dearborn Partners LLC;

Providence Equity Partners LLCTechnology $395.3 Downsized 0.0% 13.8% $2,864.0 Below 8.1% 35.2%

06/26/13 HD Supply Holdings IncCarlyle Group LP;

Clayton Dubilier & Rice Inc;

Bain Capital Partners LLC

Industrial $957.5 - 0.0% 28.9% $3,307.9 Below 3.7% 16.7%

06/12/13 Coty Inc Berkshire Partners LLC, Rhone Capital LLC Consumer Retail $1,000.0 - 0.0% 14.9% $6,699.5 Within -0.8% -6.5%

Absolute Returns %


21


Avg. File/Offer

-5.2%

-3.5%

0.8%

-3.4%

-6.4%

-8.0%

-4.2%

-9.4%

-3.8%-5.2%

-3.1%

-4.8%

-9.1%

-5.5%-4.0%

-4.9%-3.8%

-5.8%-4.2%

-7.0%

0.0%

-5.9%-4.6% -4.5%

-25%

-20%

-15%

-10%

-5%

0%

5%


Sponsor Non-Sponsor

0%

20%

40%

60%

80%

100%

$0

$10,000

$20,000

$30,000

$40,000

$50,000


Non-Sponsor FO Volume ($MM) Sponsor FO Volume ($MM) % Sponsor

___________________________ Note: Barclays Bookrun deals shaded; Barclays Co-Managed deals bolded.

Recent Financial Sponsors Follow-Ons

Financial Sponsors Follow-On Issuance

# Spons:

# Non-Spons:

18

55

2

15

11

27

12

37

5

43

14

27

20

51

3

30

Sponsor Follow-on Volume Block %

2011: 35%

2012: 58%

2013YTD: 43%

8

33

6

33

15

28

Sponsor Follow-On Pricing Dynamics

11

65

Base Offering Size as:

Pricing Date Issuer Financial Sponsor Industry

Base Size

$Millions % Secondary

Block

Trade

(Y/N)

Market Cap

$Millions

% of Pre-Deal

Mkt. Cap.

Multiple of

ADTV File/Offer

Discount /

Last Trade

Pricing + 1

Day

Pricing +

Current

10/10/13 Buckeye Partners LP First Reserve Corp Nat. Res. $469.6 0.0% N $6,662.1 7.0% 23.3x -2.7% 0.0% 5.3% 5.3%

10/09/13 Cumulus Media Inc Crestview Partners LLC Media & Telecom $82.0 0.0% N $853.2 9.8% 17.6x -6.9% -2.0% 5.8% 8.0%

09/26/13 Enduro Royalty Trust Riverstone Holdings LLC Nat. Res. $155.1 100.0% N $457.1 33.9% 325.3x -7.7% 0.0% -13.0% -13.4%

09/26/13 Caesars Entertainment Corp TPG Capital LP; Apollo Global Management LLC Real Estate $197.5 0.0% Y $2,851.3 7.9% 11.4x -5.6% -5.6% -0.2% 11.2%

09/19/13 SS&C Technologies Holdings Inc Carlyle Group LP Technology $283.9 100.0% Y $3,215.2 9.2% 17.7x -3.7% -3.7% 1.8% -2.9%

09/19/13 Kar Auction Services IncValueAct Capital Partners LP; Kelso & Co; Goldman Sachs Capital

Partners; Parthenon Capital PartnersIndustrial $328.2 100.0% Y $3,902.5 8.7% 13.8x -3.3% -3.3% 2.9% 5.8%

09/18/13 Five Below Inc Advent International Corp Consumer Retail $333.7 100.0% Y $2,620.9 13.1% 9.5x -3.1% -3.1% -2.1% -3.3%

09/17/13 Fleetmatics Group plc Investcorp Bank BSC Technology $279.6 100.0% N $1,700.0 20.3% 18.6x 0.0% -2.6% -2.7% -26.0%

09/12/13 EVERTEC Inc Apollo Global Management LLC Technology $450.0 100.0% N $1,859.4 24.4% 55.0x -5.9% -0.9% 2.7% -5.3%

09/12/13 NXP Semiconductors NV Silver Lake; Bain; KKR; Apax Technology $941.3 100.0% N $9,468.9 11.2% 11.5x -1.0% -1.0% 0.0% 1.4%

09/11/13 FleetCor Technologies Inc Summit Partners LP Technology $288.8 100.0% Y $8,682.4 3.4% 4.1x -1.0% -1.0% 2.1% 1.5%

09/10/13 Armstrong World Industries Inc TPG Capital LP Industrial $362.3 100.0% Y $3,099.4 20.4% 42.1x -1.2% -1.2% 0.9% 3.5%

09/04/13 LyondellBasell Industries NV Apollo Global Management LLC Nat. Res. $1,112.0 100.0% Y $39,965.9 2.8% 4.3x -1.4% -1.4% -0.1% 9.3%

08/15/13 Sophiris Bio Inc Warburg Pincus LLC Healthcare $65.0 0.0% N $21.8 412.7% NA NM -27.7% -17.0% -12.8%

08/14/13 Northern Tier Energy LP ACON Investments LLC; TPG Capital LP Nat. Res. $262.8 100.0% N $2,192.6 12.5% 9.8x -4.0% -4.0% 0.0% -3.2%

08/12/13 First BanCorp (Puerto Rico) Thomas H Lee Partners LP; Oaktree Capital Management LP Finance $189.0 100.0% N $1,413.7 13.5% 72.2x -9.9% -1.2% -1.8% -21.8%

08/12/13 Laredo Petroleum Holdings Inc Warburg Pincus LLC Nat. Res. $380.0 18.8% N $3,153.4 12.4% 19.4x -8.4% -2.5% -2.1% 29.7%

08/08/13 Graphic Packaging Holding Co Clayton Dubilier & Rice Inc; TPG Capital LP Industrial $127.5 100.0% Y $3,029.1 4.3% 7.5x -2.2% -2.2% -0.1% 1.8%

08/08/13 Norwegian Cruise Line Holdings Ltd TPG Capital LP; Apollo Global Management LLC Industrial $595.0 100.0% N $6,130.6 9.8% 56.3x 0.0% -1.0% 4.3% 3.3%

08/08/13 Quality Distribution Inc MidOcean Partners LLP; Apollo Global Management LLC Industrial $36.7 100.0% N $244.8 15.9% 29.9x -12.2% -5.5% 0.6% 14.4%

08/08/13 Wesco Aircraft Holdings Inc Carlyle Group LP Industrial $113.2 100.0% Y $1,831.6 6.4% 14.1x -3.0% -3.0% 7.3% 4.7%

08/07/13 Advent Software Inc TPG Capital LP Technology $152.9 100.0% N $1,388.2 13.9% 26.8x -12.9% -1.2% 2.9% 19.2%

Absolute Returns %


22


Financial Sponsors IPO Backlog

___________________________ Source: Dealogic. Note: Barclays Bookrun deals shaded; Barclays Co-Managed deals bolded. Excludes launched deals and companies whose initial filing was prior to 2011.

Original Filing

Date Issuer Industry

Base Size

($mm) Financial Sponsor Bookrunner

10/07/13 Norcraft Companies Inc Consumer Retail $100 Trimaran Capital Partners; Apax Partners LLP CITI; UBS; DB; RBC

10/07/13 Tandem Diabetes Care Inc Healthcare $100 TPG Capital LP BOAML; PIPER

09/30/13 Container Store Group Inc Consumer Retail $200 Leonard Green & Partners LPJPM; BAR; CS; MS; BOAML; WLF;

JEFF

09/24/13 Apparel Holding Corp Consumer Retail $200 Sun Capital Partners IncGS; BAIRD; BOAML; BAR; JPM;

UBS

09/19/13 CHC Group Ltd Industrial $400 First Reserve Corp JPM; BAR; UBS

09/17/13 Aerie Pharmaceuticals Inc Healthcare $58 TPG Capital LP RBC; STIFEL

09/12/13 Hilton Worldwide Real Estate $1,250 Blackstone Group LP DB; GS; BOAML; MS

09/09/13 ARAMARK Holdings Corp Consumer Retail $100 Thomas H Lee Partners LP; Warburg Pincus LLC; Goldman Sachs

Capital Partners; CCMP Capital Advisors LLCGS; JPM; CS; MS

09/05/13ASC Acquisition LLC (Surgical Care

Affiliates Inc)Healthcare $100 TPG Capital LP JPM; CITI; BAR

09/04/13 EP Energy Corp Nat. Res. $100 Riverstone Holdings LLC; Apollo Global Management LLC UNDISC

08/29/13 Fidelity & Guaranty Life Finance $100 Harbinger Capital Partners LLC CS

08/27/13 Globant SA Technology $86 Riverwood Capital LLC JPM; CITI; CS

07/22/13 Extended Stay America Inc Real Estate $100 Blackstone Group LP; Centerbridge Partners LP DB; GS; JPM

07/18/13 Brixmor Property Group Inc Real Estate $100 Blackstone Group LP BOAML; CITI; JPM; WLF

07/15/13 Associated Materials Inc Industrial $100 Hellman & Friedman LLC GS; BAR; UBS

07/09/13 Ally Financial Inc Finance $100 Cerberus Partners LP CITI; GS; MS; BAR; DB

07/03/13 Santander Consumer USA Holdings Inc Finance $50 Warburg Pincus LLC; Centerbridge Partners LP; KKR & Co LP UNDISC

06/18/13 City Ventures Inc Industrial $150 Ares Management LLC DB; GS; CITI; IMP; JPM; UBS

06/14/13 International Automotive Components Group Industrial $115 WL Ross & Co LLC BOAML; DB; JPM

03/30/12 Michaels Stores Inc Consumer Retail $500 Bain Capital Partners; Blackstone Group LPJPM; GS; BAR; DB; BOAML; CS;

MS; WLF

10/31/11 Isola Group Ltd Technology $100 TPG Capital LP UBS; PJ

06/09/11 Avaya Holdings Corp Media & Telecom $1,000 Silver Lake Partners LP; TPG Capital LPMS; GS; JPM; CITI; DB; BOAML;

BAR; UBS; CS

04/22/11 CPG International Inc Industrial $150 AEA Investors LLC BAR; DB; CS

06/25/10 Affinia Group Holdings Inc Industrial $230 Cypress Group LLC JPM; BAR; BOAML; BAIRD

01/22/10 Ryerson Holding Corp Industrial $400 Platinum Equity LLC BOAML, DB, BMOCM

Total # of Deals in Backlog 25

Total Backlog Volume ($mm) $5,889


23


Upcoming Barclays Conferences

This document has been prepared by Barclays Capital Inc. (“Barclays”) for information purposes only. This material has not been produced by Barclays’ Research Department and does not constitute investment research or a research

recommendation for the purposes of Financial Services Authority (FSA) rules or a research report under U.S. law. This material is for the intended recipient and cannot be redistributed or reproduced without written permission from Barclays.

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transactions described herein before investing or transacting. Barclays accepts no liability whatsoever for any consequential losses arising from the use of this document or reliance on the information contained herein.

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Global Healthcare Conference Match 11, 2014 Miami, FL

24


Barclays Contacts

U.S. Headquarters:

745 7th Avenue, 23rd Floor

New York, NY 10019

John Miller

Managing Director

Head of Global Financial Sponsors

212-526-9946

[email protected]

New York:

Santino Basile

Managing Director

212-526-2664

[email protected]

David Becker

Managing Director

212-526-1036

[email protected]

Jeffrey Rabel

Managing Director

212-526-8492

[email protected]

Evan Rothenberg

Managing Director

212-526-3576

[email protected]

Chris Sullivan

Managing Director

212-526-2067

[email protected]

Chicago:

Kurt Kohlmeyer

Managing Director

312-609-8584

[email protected]

Los Angeles:

Ted Iantuono

Managing Director

310-907-0444

[email protected]

James Meehan

Director

310-481-2626

[email protected]

Matthew Grinnell

Managing Director

Head of Financial Sponsors, Europe

44-20-777-34158

[email protected]

Karen Frank

Managing Director

44-20-777-34721

[email protected]

Ken McGrath

Managing Director

44-20-313-41810

[email protected]

Slavko Andrejevic

Director

44-20-777-36727

[email protected]

Leveraged Finance: High Yield Capital Markets: Loan Capital Markets: Equity Capital Markets:

Jean-Francois Astier

Managing Director

Head of Global Leveraged Finance

212-526-1411

[email protected]

Peter Toal

Managing Director

Head of U.S. HY and Leveraged

Loan Syndicate

212-412-1176

[email protected]

Tim Broadbent

Managing Director

Head of U.S. Leveraged Loan

Syndicate

212-412-5575

[email protected]

Brian Reilly

Managing Director

212-526-8887

[email protected]

Paul Scansaroli

Director

212-526-1546

[email protected]

Europe:

Mergers & Acquisitions – Financial Sponsors:

Jennifer Worthington

Director, COO

212-526-7224

[email protected]

Corey LoVerme

Vice President

212-526-2570

[email protected]

Adam Gross

Vice President

212-526-0792

[email protected]

Newt Pate

Vice President

212-526-6457

[email protected]

Gary Matt

Managing Director

Head of Exclusive Sales

212-526-4664

[email protected]

David Kamo

Managing Director

212-526-9957

[email protected]

Stephanie Sze

Director

212-526-3791

[email protected]

Nick Parks

Director

212-526-7088

[email protected]

Asia Pacific:

Andrew Richards

Managing Director

Head of Financial Sponsors, Asia

Pacific

852-290-32208

[email protected]

Australia:

Lars Aagaard

Managing Director

61-2-933-46059

[email protected]

Australia:

Uyi Ighodaro

Director

61-2-933-46187

[email protected]

Securitized Products: Risk Solutions:

Cory Wishengrad

Managing Director

Co-Head of Securitized Products

Origination, Americas

212-526-1305

[email protected]

Manay Patel

Managing Director

212-526-1412

[email protected]

Documents

Barclays Financial Sponsors Weekly Newsletter_Oct 11